Singapore and the European Union agreed on a Free Trade Agreement (FTA) from negotiation from March 2010 and conclude in December 2012. Its significance in enhancing greater economic and political ties should not be underestimated. For Singapore it will mean better access to the EU - the world's most affluent market-place with 500 million consumers. For the EU it implies easier access to the gateway to Asia and Singapore, which already hosts almost 9,000 EU companies. This should be great news for business on both sides.