The UK has signed a free trade agreement with it’s largest trade and investment partner from ASEAN, Singapore. The UK-Singapore Free Trade Agreement builds on our already excellent economic relations to secure a deal with £17.6 billion in bilateral trade in goods and services. It will ensure that businesses can continue to benefit from tariff-free trade in goods, it will also increase access to respective services and government procurement markets. This agreement will see benefits in key sectors such as electronics, motor vehicles, vehicle parts, pharmaceutical products, medical devices and renewable energy generation.
Tariffs will continue to be eliminated for 84% of all tariff lines for Singapore exports to the UK, whilst Singapore will continue to bind our current level of duty-free access for all UK products entering Singapore whilst maintaining protections on iconic UK goods such as Scotch Whisky. The agreement will also support financial services trade and investment for both countries and provide opportunities for existing UK Qualifying Full Banks in Singapore. This includes the ability to expand, for example, through additional customer service locations. Financial Services are a central part of the UK economy and this agreement will seek to strengthen financial and economic cooperation by building links between financial markets.
Another exciting agreement the UK and Singapore aim to work on is the UK-Singapore Digital Economy Agreement (DEA). This agreement could be a model for international digital rules and cooperation as more and more it becomes a bigger part of our economies. We must seek to ensure a safe and open digital environment for consumers and businesses. The agreement would promote the flow of data across borders whilst maintaining a stringent and high level of data protection.
The opportunities for free trade and a Digital Economic Agreement is invaluable. Pathing the way forward in a post-Brexit era. By securing the Free Trade Agreement it also a significant step forward in our desires to seek membership to the Comprehensive and Progressive Agreement on Trans-Pacific Partnership. I look forward to the possibilities arising and securing more trade deals to benefit all.
