Thu, Dec 31, 2020 – 12:58 PM
THE UK-Singapore free trade agreement (FTA) will take effect at 7am Singapore time on Jan 1, the Ministry of Trade and Industry announced on Thursday.
This comes three weeks after representatives from both countries signed the agreement – the first free trade deal between the UK and an Asean member state.
The FTA will take effect via provisional application until it is ratified by both countries and enters into force.
Under the new free trade pact, British and Singapore companies will enjoy the same benefits that they have been receiving under the European Union-Singapore FTA, including tariff elimination for goods trade and increased access to their respective services and government procurement markets.
The EU-Singapore FTA will cease to apply to UK-Singapore trades when the new agreement takes effect on Jan 1.