The settlement got here as British and European Union officers make a closing push to interrupt a impasse over the U.Ok.’s future trade relationship with the bloc
The United Kingdom has signed a free trade deal with Singapore masking trade price 17.6 billion kilos ($23.four billion,) the newest in a collection of trade pacts that Britain is searching for to safe world wide post-Brexit.
International Trade Secretary Liz Truss, who was in Singapore for the ceremony, mentioned on Thursday the deal was the second-biggest that Britain has signed within the Asia-Pacific area.
The settlement got here as British and European Union officers make a closing push to interrupt a impasse over the U.Ok.’s future trade relationship with the bloc.
Britain left the EU on January 31, however stays in its financial buildings till the top of the 12 months. The Singapore deal largely mirrors one which the Asian city-state already has with the EU, and successfully permits trade to proceed as earlier than after January 1.
Ms. Truss mentioned the pact with Singapore secures certainty for companies and is additional proof we are able to succeed as an unbiased buying and selling nation. Singapore is Britain’s largest buying and selling associate in Southeast Asia, and the British authorities mentioned that the deal will present a gateway to Asia for U.Ok. companies. Ms. Truss can be anticipated to signal an analogous deal with Vietnam to make sure trade continues on the identical phrases within the new 12 months.