The new UK-Singapore Free Trade Agreement (UKSFTA) came into force on February 11, an announcement read.
Ensuring trade continuity and providing firms with certainty in trading arrangements between the UK and Singapore, the post-Brexit UKSFTA will let businesses enjoy the same EU-Singapore Free Trade Agreement (EUSFTA) benefits when trading between the two countries.
Following the signing of the agreement on December 10, 2020 by Minister for Trade and Industry Chan Chun Sing and UK Secretary of State for International Trade Elizabeth Truss, it took effect through provisional application on January 1, 2021.
Since then, both countries have worked on hastening the completion of the legal requirements and procedures for the agreement’s entry into force.
Benefits include tariff elimination for goods trade, increased access to services and government procurement markets, as well as reduction of non-tariff barriers including in four major sectors: electronics, motor vehicles and vehicle parts, pharmaceutical products and medical devices, and renewable energy generation.