Illustrative image (Photo: UK Investor) Singapore (VNA) – Singaporean Minister forTrade and Industry Chan Chun Sing and UK Secretaryof State for International Trade Elizabeth Truss signed a bilateral free tradeagreement on December 10.
They also agreed to build a framework of the UK-Singapore Digital Economy Agreement (DEA) andlaunch negotiations on the DEA next year.
The DEA will play a vanguardrole for modern rules on digital trade and financial services between Europeand Southeast Asia.
Under the UK-Singapore FTA,companies from both countries will enjoy the same benefits they are receivingunder the EU-Singapore FTA.
These benefits include tariffelimination for goods trade and increased access to services and governmentprocurement markets. There would also be a reduction of non-tariffbarriers, including in four major sectors of electronics, motor vehicles andvehicle parts, pharmaceuticals and medical devices, and renewable energygeneration.
Chan said the UK-Singapore FTAwill provide Singapore and UK companies with certainty and clarity in tradingarrangements between both countries.
Alongside the deal, both sidesalso pledged to launch talks to sign a high-standard investment protectionagreement in the near future. They hoped that talks on the deal will startafter two years and be signed within four years since the UK-Singapore FTAtakes effect./.
They also agreed to build a framework of the UK-Singapore Digital Economy Agreement (DEA) andlaunch negotiations on the DEA next year.
The DEA will play a vanguardrole for modern rules on digital trade and financial services between Europeand Southeast Asia.
Under the UK-Singapore FTA,companies from both countries will enjoy the same benefits they are receivingunder the EU-Singapore FTA.
These benefits include tariffelimination for goods trade and increased access to services and governmentprocurement markets. There would also be a reduction of non-tariffbarriers, including in four major sectors of electronics, motor vehicles andvehicle parts, pharmaceuticals and medical devices, and renewable energygeneration.
Chan said the UK-Singapore FTAwill provide Singapore and UK companies with certainty and clarity in tradingarrangements between both countries.
Alongside the deal, both sidesalso pledged to launch talks to sign a high-standard investment protectionagreement in the near future. They hoped that talks on the deal will startafter two years and be signed within four years since the UK-Singapore FTAtakes effect./.
VNA
