Liz Truss said Britain was re-emerging as a significant trade force as she signed a cost-free trade offer with Singapore on Thursday, the UK’s newest agreement ahead of the departure from the European Union on Dec. 31.
The offer signed by the Trade Secretary and her Singaporean counterpart comes as Boris Johnson and EU chief Ursula von der Leyen tried out to seal a new trade pact and avert what some worry will be a chaotic conclude to the 5-12 months Brexit course of action.
The agreement trapped in Singapore largely mirrors a standing agreement the condition has with the EU.
“Fifty 5 decades soon after Singapore’s independence, the Uk is re-emerging as a fully unbiased country, and a significant force in international trade,” Ms Truss said ahead of the signing.
“Together, we’re paving the way for a brighter potential, loaded in economic possible and option.”
Singapore, a rich metropolis-condition of 5.7m persons, counts Britain as its third-biggest investing spouse for goods and next biggest for providers, and its top rated financial commitment location in Europe.
Complete bilateral trade among the two nations around the world was valued at $13.5bn in 2019, according to Singapore’s official figures.
The offer gets rid of tariffs, provides equally nations around the world accessibility to each other’s markets in providers and cuts non-tariff limitations in electronics, cars and car pieces, pharmaceutical goods, health-related equipment and renewable electricity era, the ministry claimed.
Duties will be eradicated by November 2024, the exact timeline as the pact among the EU and Singapore.
The agreement “provides British enterprises a system to accessibility options in the area as a result of Singapore”, Trade Minister Chan Chun Sing claimed as he signed the offer with Ms Truss.
“Past the considerable advantages to our respective enterprises, the (offer) is a strong assertion in opposition to protectionism and nativism,” Mr Chan claimed, introducing it will be “critical in ensuring a strong and resilient post-pandemic recovery for the environment”.
Britain signed its initially significant post-Brexit trade offer with Japan in Oct, but Thursday’s agreement is its initially with a member of the Association of Southeast Asian Nations.
The 10-nation bloc is household to 650m people and – prior to the pandemic-induced downturn – had relished swift economic development in latest decades.
Britain formally still left the European Union at the conclude of January and has used the 12 months negotiating its potential romance with Brussels and putting trade agreements with significant economies such as Japan and Canada.
Mr Johnson and Mrs Von der Leyen have given by themselves until finally the conclude of the weekend to seal a new trade pact soon after failing to prevail over persistent rifts.
Failure to agree new procedures to govern all the things from trade to electricity ties would snarl borders, shock financial markets and sow chaos as a result of offer chains in a environment now grappling with the economic charge of Covid-19.