Britain said it was re-emerging as a major trade force as it signed a free trade deal with Singapore today, its latest agreement globally as it prepares to end its transition out of the European Union on December 31.
The pact will cover more than £17 billion of bilateral trade in goods and services.
The deal signing between Britain's trade minister Liz Truss and her Singaporean counterpart comes as leaders from Britain and the EU tried to seal a new trade pact and avert what some fear will be a chaotic end to the five-year Brexit process.
The agreement largely mirrors a standing agreement the former British colony - which became independent in 1965 - has with the European Union. "Fifty five years after Singapore's independence, the UK is re-emerging as a fully independent nation, and a major force in global trade," Truss said ahead of the signing. "Together, we're paving the way for a brighter future, rich in economic potential and opportunity."
Under the UK-Singapore FTA, companies from both countries will enjoy the same benefits they are receiving under the EU-Singapore FTA, said the Ministry of Trade and Industry, Channel News Asia reported.
These benefits include tariff elimination for goods trade and increased access to services and government procurement markets. There would also be a reduction of non-tariff barriers, including in four major sectors: electronics, motor vehicles and vehicle parts, pharmaceutical products and medical devices, and renewable energy generation.
Virtually all of the remaining tariffs will be eliminated by November 21, 2024 – similar to the EU-Singapore pact, added the MTI. Singapore will also continue to bind its current level of duty-free access under the EU-Singapore FTA for all UK products entering the country.-Reuters/CNA
Secretary of State for International Trade Elizabeth Truss, says the trade pact opens up economic potential and opportunity.
