The recently-announced trade agreement between the European Union and Singapore is likely to provide 'additional upswing' for foreign trade in the EU, the Port of Hamburg has said.
Singapore was the German hub's second largest partner country last year, after China, with a total of 380,000 TEU transported between the two countries, equating to about 4.3 million tonnes of seaborne cargo.
In the first nine months of this year, container transport between Hamburg and Singapore was up 4.1%, the port said.
“The trade agreement between the EU and Singapore will also produce additional upswing for seaborne foreign trade in the Port of Hamburg and benefit national economies in the EU and Singapore,” said Axel Mattern, joint CEO of Port of Hamburg Marketing.
Some 15 liner services connect the port of Hamburg with Singapore, nine for containers and six for general cargo.
The trade agreement sees Singapore abolish all customs duties on EU products, as well as clearing up bureaucratic red tape between the two countries.
It is the first bilateral trade deal between the EU and a state in Southeast Asia, and makes Singapore the EU's largest trading partner in south east Asia by a wide margin.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.