Uk Singapore Free Trade Agreement
The UK-Singapore Free Trade Agreement will support trade in financial services and investment in both countries and will allow the existing UK qualifying Full Banks (QFB) in Singapore to increase its presence, including through additional customer service sites. The two countries will continue to discuss strengthening their financial and economic cooperation and establishing links between their financial markets, including the annual financial dialogue between the United Kingdom and Singapore. In addition to the free trade agreement, the United Kingdom and Singapore have committed to entering into negotiations and efforts to conclude a high-level investment agreement within two years and four years of the entry into force of the FREE Trade Agreement between the United Kingdom and Singapore. The agreement with the city-state, an important financial and trade platform, was expected to provide considerable support to the UK in Asia as the country negotiates its withdrawal from the EU. „Now that the UK has become a commercially independent nation again, we can join this campaign for free trade,“ she said. 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. Any country without an agreement will trade with the United Kingdom in accordance with World Trade Organization rules. In October, London signed its first major bilateral trade agreement with Japan after Brexit. While a member of the EU, the UK was automatically part of some 40 trade agreements that the EU has concluded with more than 70 countries. „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. „However, businesses should keep in mind that the UK`s independent trade rules may differ from those of the EU.
They must also ensure that they comply with changes to UK customs standards and procedures,“ he said. The agreement removes tariffs and allows both countries access to the other country`s services markets. The UK has signed a free trade agreement with Singapore that covers trade of 17.6 billion pounds ($23.4 billion) – the latest in a series of trade pacts that Britain is trying to secure around the world after Brexit. It is part of a wider framework of trade negotiations for the UK as it tries to reiterate trade pacts that will end after the end of the EU transitional period. As soon as UKSFTA comes into force, 84% of tariffs on Singapore`s exports to the UK will be abolished, with the remaining tariffs abolished by November 2024. British exporters have ample duty-free access to Singapore, with the removal of 99% of import duties. „Singapore will continue to retain our current level of duty-free access for all UK products arriving in Singapore and maintain the protection of iconic British products such as Scotch whisky.“ The two countries are also considering further strengthening our trade relations.