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Trade between Austria and Singapore
With one of the largest harbours in the world and its central location in Asia, Singapore is one of the major hubs for global trade. With the highest number of Austrian branches in Asia, Singapore is one of the most relevant business locations for Austria. In 2023, Austria was able to achieve a trade surplus of EUR 51 million by exporting goods with a total value of EUR 469.20 million. Austrian companies were able to increase their exports by almost 38% between 2019 and 2023 thanks to the introduction of the free trade agreement and increased demand in the semiconductor industry.
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The opportunities offered by international trade and trade agreements for Austrian companies were discussed during the Market Access Day.
The event celebrated the 5th anniversary of the EU's free trade agreements with Singapore and Japan. These Agreements have brought the nations even closer together and strengthened their economic relations. Chief Trade Enforcement Officer in the European Commission's Directorate-General for Trade, Denis Redonnet, gave an insight into the negotiations and implementation of further free trade agreements. Renowned politicians and entrepreneurs held presentations on the most important trade instruments, such as the Access2Markets information portal, the Single Entry Point (SEP) for reporting trade barriers and the self-assessment instrument for rules of origin (ROSA).
These and many more success stories were discussed during the Market Access Day 2024 hosted by WKO, BMAW and the European Commission
