UK inks free trade deal with Singapore

10.12.2020 - Kulakov Vladimir
UK inks free trade deal with Singapore

Britain secured a free trade agreement deal with Singapore on Thursday, the most recent among its many trade deal bids across the globe as its transition out of the European Union ends on Dec. 31.

Liz Truss, Britain’s secretary of state of international trade, signed the deal together with her Singaporean counterpart Chan Chun Sing during a ceremony in the Southeast Asian city-state.

Britain’s trade pact with Singapore pops up as British Prime Minister Boris Johnson and EU’s chief executive set themselves into an endgame, ironing things out and solving disputes to finally strike a free trade agreement by the end of the week.

Britain exited the EU bloc in January and since then it has been haggling its future relationships with Brussels and securing trade pacts with major economies including Canada and Japan.

The U.K.’s trade deal with Singapore reflects an immutable compact the Southeast Asian nation has with the EU. More than that, the trade deal is significantly more impactful for Singapore as it regards Britain as one of its top trade partners for goods and services worldwide and its major investment go-to in the European region.

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