UK-Singapore FTA will provide greater business continuity post-Brexit
Thursday, 10 December 2020 [Singapore] – With the UK’s exit from the European Union (EU) on 31 January 2020, Singapore businesses trading with the UK have been able to still benefit from the EU-Singapore Free Trade Agreement (EUSFTA), under the Brexit transition period. However, this transition period will end on 31 December 2020 and thereafter, Singapore businesses trading with the UK will no longer be able to trade under the terms of the EUSFTA. The signing of the UKSFTA is therefore timely, as it will ensure continuity for our businesses, after the transition period ends at the end of the year.
Chief Executive Officer of Singapore Business Federation Mr Ho Meng Kit said, “The UK is an important market for Singapore businesses, particularly those involved in the export of electronics, processed food and petrochemical products. We are glad to note that the benefits covered under the UKSFTA will be similar to that under the EUSFTA. This will ensure that our businesses continue to enjoy competitive advantage in the UK market.”
“However, businesses should note that as the UK’s independent trade regulations may differ from that of the EU’s. They will also need to ensure that they comply with changes in UK’s domestic standards and customs procedures in order to continue trading with the UK. We look forward to working with both Governments to support businesses coping with these changes, particularly those which may be using UK as a hub to reexport to Europe or to offer services to EU customers.”
As part of SBF’s commitment to helping Singapore businesses improve their global competitiveness, the GlobalConnect@SBF initiative was launched last year. Under this initiative, the Free Trade Agreements department helps businesses across different industry sectors understand FTAs and provides advice on how they can realise commercial benefits through FTAs. Over 110 businesses have made use of SBF’s one-to-one FTA advisory service through .