“This will create a level playing field for businesses in the UK and Singapore and facilitate trade between (the two countries),” MTI said, adding that the free trade agreement would remove the agreement, which will continue to abolish tariffs on 84% of all customs lines on Singapore`s exports to Britain, he said in a joint ministerial statement from Singapore and the UK. Uk Secretary of State for International Trade Elizabeth Truss and Singapore`s Minister of Trade and Industry Chan Chun Sing signed the UK-Singapore Free Trade Agreement (UKSFTA) on 10 December. BRITISH Trade Minister Liz Truss congratulated Singapore`s leaders on free trade after signing the agreement with the former British colony, which has close relations with London. But while both sides are interested in announcing that the agreement is a success, it is in fact a rollover to the Singapore Free Trade Agreement. Singapore is Britain`s largest trading partner in Southeast Asia. Truss is also expected to sign a similar agreement with Vietnam to ensure that trade will continue under the same conditions in the new year. “This is an important part of our vision of a global Britain, which is at the centre of a network of agreements with the dynamic nations of Asia-Pacific and America as a global hub for services and technology trade,” Truss said in a statement. Singapore and Britain signed a free trade agreement in the Southeast Asian city-state on Thursday. The deal comes as British Prime Minister Boris Johnson and eu chief have agreed to a new trade pact until the end of the weekend, after a three-hour dinner that made the “gap” between the two sides. UKSFTA will come into force on 1 January 2021. The UK and Singapore will negotiate an investment protection agreement within two and four years of UKSFTA coming into force. Chan: “The signing of the free trade agreement between Britain and Singapore strengthens and strengthens relations between Singapore and the United Kingdom.
The agreement will provide continuity and security to businesses in both countries and send a strong signal to the UK`s commitment to deepen its engagement in the region. The UK has sealed its second largest trade pact in the Asia-Pacific, due to its impending exit from EU trading structures. The agreement will involve more than $22 billion ($17 billion) in trade relations. The agreement largely reflects an agreement between Singapore and the European Union (EU). Parliament`s report contains an explanation of the agreement, including any significant differences or improvements. It also contains information on rules of origin and trade tariff quotas. The agreement is also the UK`s first with a member of the Association of Southeast Asian Nations. The two countries also agreed to negotiate a Digital Economy Agreement (DEA) in 2021 to define “modern rules for digital trade and financial services between Europe and Southeast Asia.” It is reported that the DEA will be the first such agreement of Singapore with a European country. Trade expert Bryan Tan of Pinsent Masons MPillay, the Singapore joint venture between MPillay and Pinsent Masons, the law firm behind Out-Law, said: “Britain and Singapore are historic trading partners and the free trade agreement means a bond for countries to maintain the status quo after Brexit by maintaining the same trading conditions before Brexit.
In addition, countries are also working on a digital economy agreement that will create the conditions for the next-generation free trade agreement, which will focus on areas of the digital economy that are important to both countries.