Expert Analysis: ECJ Ruling Looms Large For Future EU Trade Agreements

In a much-anticipated decision, the Court of Justice of the European Union (“ECJ”) ruled on May 16 that the EU Commission and Parliament have exclusive competence to enter into all aspects of the EU-Singapore Free Trade Agreement, except for two chapters of the agreement where this competence is shared with the member states. The first exception has been described as both “predictable” and “non-controversial,” and concerns the protection of non-direct or “portfolio” investment, i.e. investments which do not aim for management or control of the target company.

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