UK and Singapore sign continuity FTA

Industry News | | MIC Customs Solutions |

The UK and Singapore have agreed a continuity FTA that will largely mirror the pre-existing arrangements between the city-state and the EU.

The UK and Singapore have signed a continuity free trade agreement (FTA) that will ensure the two countries can continue trading on the same terms post-Brexit.

The agreement largely mirrors existing arrangements between the Asian city-state and the EU and will cover trading that was worth £17.6 billion last year.

It will see the removal of all tariffs by 2024, as well as the elimination of non-tariff barriers to trade on products such as electronics, cars and vehicle parts, pharmaceutical products, medical devices and renewable energy equipment.

The deal was signed at a ceremony in Singapore by UK international trade secretary Liz Truss and her Singaporean counterpart Chan Chun Sing.

Singapore is the UK's largest trading partner in south-east Asia, and the British government stated the deal will ensure it continues to act as a gateway to the region for the country's businesses.

Ms Truss said: "This is an important part of our vision for a global Britain that sits at the centre of a network of deals with dynamic nations across Asia-Pacific and the Americas as a global hub for services and technology trade."

The UK government also noted the agreement helps pave the way for the UK to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership bloc of Pacific Rim nations.

Mr Chan also welcomed the FTA, stating: "Beyond the significant benefits to our respective businesses, the (deal) is a strong statement against protectionism and nativism."

Ms Truss is now heading on to Vietnam, where it is expected she will sign a similar rollover trade deal.