The Court of Justice of the European Union ("CJEU") issued an opinion stating that the Free Trade Agreement between the EU and Singapore (the ‘EUSFTA’) in its current form cannot be signed by the European Union on its own, but needs the cooperation of the Member States. According to the CJEU it is ultimately in respect of only two aspects of the agreement that the EU is not endowed with exclusive competence, namely the field of (i) non-direct foreign investment (‘portfolio’ investments made without any intention to influence the management and control of an undertaking) and (ii) the regime governing dispute settlement between investors and States. The opinion of the CJEU has implications for e.g. a future EU-UK trade agreement. It will depend on the specific matters of the future agreement whether the Commission, acting on behalf of the EU, can conclude it on its own or whether it will have to act with the Member States jointly.