Britain Has Concluded A Free Trade Agreement With Singapore

Britain Has Concluded A Free Trade Agreement With Singapore

Britain has concluded a free trade agreement with Singapore. The signing took place at a time when London and Brussels are still unable to overcome differences on some issues and Britain is in danger of leaving the EU without a trade agreement. Britain is Singapore's main destination for foreign direct investment in Europe. At the same time, it is one of the largest trading partners of the rich city-state. However, compared to trade with the European Union, the value of trade with Singapore is only a fraction. Bilateral trade between Britain and Singapore reached about $ 13.5 billion (€ 11.15 billion) in 2019, while Britain-EU trade reached about $ 1 trillion a year. The agreement with the former British colony, which declared independence in 1965, largely replicates Singapore's agreement with the European Union. "Fifty-five years after Singapore's declaration of independence, Britain has also become an independent country and a major player in international trade," said British Trade Secretary Liz Truss after signing the agreement. According to Reuters, Britain has already signed 56 trade agreements, which were originally covered by the EU. She also added that London is working on others, and plans to close them by the end of the year. One of them is the agreement with Vietnam, which, according to Truss, should be signed "in a very short time".