EU-Singapore Trade Deal, Screening Investment, Cross-border payments, Future of Europe

The European Parliament gave its green light to a new trade accord with Singapore, the EU’s largest trading partner in Southeast Asia with 10,000 European companies based there. The EPP Group’s Seán Kelly, who authored Parliament’s Report on it, calls it another win-win for both sides. Antonio López-Istúriz says it will also promote more educational exchange.

Parliament approved closer screening of Foreign Direct Investment (FDI) for political motivations or attempts to dominate a strategic industry like water, telecoms or the high-tech sector. Rapporteur Franck Proust of the EPP Group says it spells the end of European naivety on the issue.

Cross-border payments got a boost with new rules that will prevent banks from charging extra fees for payments between Eurozone and non-Eurozone countries. The EPP Group’s Eva Maydell, who wrote Parliament’s Report, says it will save consumers and businesses up to 2 billion Euros per year.

And Parliament debated the future of Europe with populist Italian Prime Minister Giuseppe Conte, with MEPs, including EPP Group Chairman Manfred Weber, giving opposing views.