The United Kingdom has signed a .6 1.6.6 billion free trade agreement with Singapore, said Liz Tross, international trade affairs secretary.
In addition to a photo of himself with Singapore’s Commerce Minister Chan Chun Singh, Truss said on Twitter that it was the second-largest deal signed by Britain in the Asia-Pacific region.
The agreement basically replicates the existing EU-Singapore agreement.
It removes tariffs, allows both countries to enter each other’s markets for services and reduces non-tariff barriers to electronics, car and car parts, pharmaceutical products, medical devices and renewable energy production, the ministry said.
The duties will be removed by November 2024, a former British colony that maintains close ties with London and the equivalent period of the agreement between the EU and Singapore.
This comes after Downing Street warned that the gap between the two sides was “too big” and that UK and EU negotiators were starting to put the final pressure on defending the possibility of a post-Brexit trade deal.
Boris Johnson and European Commission President Ursula von der Lane discussed crutches over dinner aimed at breaking the deadlock in Brussels on Wednesday, but key differences remain.
Truss said the “confirmation” agreement for business with Singapore would mean “a deeper future relationship with digital and service trade” and “further proof that we can succeed as independent trading countries”.
The United Kingdom and Canada reached an agreement last month to continue trading on the same terms as the current EU agreement after the Brexit transition deadline.
With the Press Association and the Agence France-Presse