The annoucement coincided with the frantic push by PM Boris Johnson to close a post- Brexit trade deal with the European Union.
The United Kingdom has announced the signing of a trade deal with Singapore valued at £17.6 billion. On Twitter, the British Prime Minister described it as a “fantastic trade agreement” and congratulated the Trade Secretary Liz Truss for the development.
Truss stood alongside Chan Chun Sing, Singapore’s Trade Minister while describing the Singapore agreement as their second-largest deal of the Asia-Pacific. By and large, this new agreement replicates the existing agreement which removes tariffs and gives both countries access to each other’s markets while cutting out non-tariff barriers on electronics, vehicles, car parts, pharmaceuticals, medical devices, and green energy generation.
All duties will be removed by November 2024 in a similar agreement between the EU and Singapore, which as a former British colony, enjoys close ties with London.
At the moment, EU and UK negotiators are working on a sensitive timeline that only seems to raise concern given the wide rift between the two parties carrying out the negotiations. Boris Johnson flew to Brussels on Wednesday to meet with European Commission president Ursula Von der Leyen in crunch talks held over dinner in Brussels. Despite the slight progress made, many differences remain between the two parties.
Truss described the pact with Singapore as security for businesses and a further deepening of ties in digital services and trade. Last month the United Kingdom and Canada arrived at an agreement that allowed for continued trade between the two nations on terms similar to the current EU agreement.
Welcome news that we’ve secured a fantastic trade agreement with Singapore