Commissioner Karel De Gucht stated that this agreement would strengthen the economic ties between Singapore and the EU, create new opportunities for traders as well as consumers and generate growth in our economies. It would also mark an important benchmark in the EU's engagement with the ASEAN region. Minister Lim added that "the EU is an important economic partner of Singapore" and that "Singapore looks forward to working closely with the EU to develop an ambitious agreement that will benefit businesses from both sides."

They both agreed to work on a high-quality FTA and to continue to work closely at the World Trade Organisation, particularly to conclude the Doha Round of negotiations. Singapore and the EU share close economic ties, which will be further strengthened with the EUSFTA. The EU is Singapore's largest trading partner and foreign investor, with bilateral trade exceeding €55 billion in 2008. Singapore however ,is the 15th largest trading partner of the EU and the largest trading partner among ASEAN states. Singapore and the EU have invested over the years over €100 billion in each other's economy.  

The EU's third largest trading partner outside Europe is the ASEAN with an annual bilateral trade in goods and services of some €175 billion. Singapore is one of the ten members of the ASEAN, and it is by far the EU's most important trading partner in South East Asia, since almost a third of this trade takes place between the former and the latter. Moreover they also have strong investment ties where the bilateral stock of investment has reached € 100 billion in 207.

The EU exporters identify the ASEAN markets as priority markets. The EU Member States last December gave the Commission the approval to pursue negotiations towards free trade agreements with individual ASEAN countries, beginning with Singapore.