Singapore, UK sign bilateral free trade deal
Singaporean Minister for Trade and Industry Chan Chun Sing and UK Secretary of State for International Trade Elizabeth Truss signed a bilateral free trade agreement on December 10.
Illustrative image (Photo: UK Investor) Singapore (VNA) – Singaporean Minister for
Trade and Industry Chan Chun Sing and UK Secretary
of State for International Trade Elizabeth Truss signed a bilateral free trade
agreement on December 10.
They also agreed to build a framework of the UK-Singapore Digital Economy Agreement (DEA) and launch negotiations on the DEA next year.
The DEA will play a vanguard role for modern rules on digital trade and financial services between Europe and Southeast Asia.
Under the UK-Singapore FTA, companies from both countries will enjoy the same benefits they are receiving under the EU-Singapore FTA.
These benefits include tariff elimination for goods trade and increased access to services and government procurement markets. There would also be a reduction of non-tariff barriers, including in four major sectors of electronics, motor vehicles and vehicle parts, pharmaceuticals and medical devices, and renewable energy generation.
Chan said the UK-Singapore FTA will provide Singapore and UK companies with certainty and clarity in trading arrangements between both countries.
Alongside the deal, both sides also pledged to launch talks to sign a high-standard investment protection agreement in the near future. They hoped that talks on the deal will start after two years and be signed within four years since the UK-Singapore FTA takes effect./.
They also agreed to build a framework of the UK-Singapore Digital Economy Agreement (DEA) and launch negotiations on the DEA next year.
The DEA will play a vanguard role for modern rules on digital trade and financial services between Europe and Southeast Asia.
Under the UK-Singapore FTA, companies from both countries will enjoy the same benefits they are receiving under the EU-Singapore FTA.
These benefits include tariff elimination for goods trade and increased access to services and government procurement markets. There would also be a reduction of non-tariff barriers, including in four major sectors of electronics, motor vehicles and vehicle parts, pharmaceuticals and medical devices, and renewable energy generation.
Chan said the UK-Singapore FTA will provide Singapore and UK companies with certainty and clarity in trading arrangements between both countries.
Alongside the deal, both sides also pledged to launch talks to sign a high-standard investment protection agreement in the near future. They hoped that talks on the deal will start after two years and be signed within four years since the UK-Singapore FTA takes effect./.
You should also see
Garment & textile sector tries to keep growth momentum
The Vietnamese garment and textile sector is carrying out various measures to bolster production and business activities amidst formidable challenges posed by falling demand, high inventory, and geopolitical instability in several countries, according to insiders.
See more
World
Malaysia sets up clean energy exchange
The Malaysian government has agreed to establish the Energy Exchange Malaysia (Enegem) to facilitate cross-border sales of green electricity to neighbouring countries.
World
Thailand promotes “soft power” through Songkran festival
The Thai government is actively promoting its "soft power" by organising the Maha Songkran World Water Festival 2024 with a series of events taking place over five consecutive days from April 11 to 15.
World
Thailand looks towards cashless society
According to the Bank of Thailand’s Payment Insight report, daily money transfers via the platform in 2023 amounted to 54.5 million on average with a total value of 130 billion THB (3.55 billion USD).
World
Malaysia pursues holistic strategy to lure Chinese tourists
Malaysia is adopting a holistic approach to boost Chinese tourist arrivals, moving beyond traditional promotional methods to create an ecosystem that enhances visitors' experience.
World
Vietnam proves growing foothold in semiconductor value: Tractus
Vietnam has proved its significant and growing foothold in the semiconductor value chain across ASEAN in recent years, business strategy consulting and operations management firm Tractus wrote in its recent article.
