UK-Singapore Free Trade Agreement
The United Kingdom-Singapore Free Trade Agreement (“UKSFTA”) was signed on 10 December 2020 and came into effect on 1 January 2021. The UKSFTA seeks to ensure trade continuity between Singapore and the UK by allowing both Singapore and UK businesses and individuals to continue enjoying benefits similar to those that they already receive under the European Union-Singapore FTA (“EUSFTA”), even after the UK exits from the EU. At present, Singapore is the UK’s largest trade and investment partner in ASEAN, while the UK is amongst Singapore’s top three European trading partners and Singapore’s top investment destination in Europe. This article seeks to provide a brief overview of the benefits that may be enjoyed under the UKSFTA.