The United Kingdom and Singapore have signed a free trade agreement in the Southeast Asian city-state on Thursday.
Great Britain’s secretary of state of international trade, Liz Truss, and Singapore’s trade minister, Chan Chun Sing, signed the deal at a ceremony in Singapore.
The deal will cover a trade relationship totalling more than £17bn ($22bn) – the agreement removes tariffs and gives both countries access to each other’s markets in services.
It will also cut non-tariff barriers for electronics, cars and vehicle parts, pharmaceutical products, medical devices and renewable energy generation.
“Beyond the significant benefits to our respective businesses, the (deal) is a strong statement against protectionism and nativism,” said Mr Chan.
The agreement is part of a broader set of trade negotiations for the UK, as the nation’s representatives prepare for trade pacts that will cease when the EU transition period ends.
The deal comes as the British Prime Minister Boris Johnson and the European Union’s chief executive gave themselves until the end of the weekend to agree to a new trade pact, following a three-hour dinner that left the two sides “far apart”.
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Editor-in-Chief | Carl D. Pearson has been involved in British politics and media from an early age, with the key knowledge of what it takes to run a news organisation for the 21st century. Mr Pearson, as Editor-in-chief, is responsible for supervising the daily tasks of publishing media and content to UNN’s website and various platforms.
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