As relationships for the UK enter a new beginning, our ongoing Future of Trade campaign reflects our goal to strengthen our agenda and the support we can provide to the business community.
The theme focuses on collaboration within trade, exploring the UK's trade relationships, supporting UK exporters, and the regional opportunities.
Quicklinks
We are delighted to be partnering with Lloyds Bank, our Official Future of Trade Partner, in their mission of Helping Britain Prosper
Lloyds Bank provides support to corporate clients through the provision of core banking products, such as lending, deposits and transaction banking services whilst also offering clients expertise in capital markets, financial markets and private equity.
About the UK-Singapore Free Trade Agreement (UKSFTA)
Current Status:
In force since 11 February 2021
Key Benefits:
The UKSFTA provides Singapore and UK companies with certainty and clarity in trading arrangements between both countries.
Under the UKSFTA, Singapore and UK companies enjoy the same benefits that they have been receiving under the European Union-Singapore Free Trade Agreement (EUSFTA).
Tariffs will continue to be reduced or eliminated according to the EUSFTA tariff schedule for Singapore goods exports to the UK. The timeline for tariff reduction and/or elimination will follow from the EUSFTA’s entry into force (i.e. 21 November 2019).
Asian food products made in Singapore continue to be able to enter the UK tariff-free, up to a combined annual quota of 350 tons. Under the flexible rules of origin applicable to such Asian food products, there is no need to ensure that the ingredients used were grown or produced in Singapore. All that is necessary is to show that the products were made in Singapore.
Non-tariff barriers are reduced across major sectors, such as electronics; motor vehicles and vehicle parts; pharmaceutical products and medical devices; and renewable energy generation.
Other benefits include increased access to respective services and government procurement markets, and enhanced protection of intellectual property rights.
About the UK-EU Trade & Cooperation Agreement
Current Status:
In force since 1 January 2021
Key Benefits:
The United Kingdom and the European Union have agreed a Trade and Cooperation Agreement, an Agreement on Nuclear Cooperation and an Agreement on Security Procedures for Exchanging and Protecting Classified Information. These Agreements are designed to honour the instruction of the British people – expressed in the referendum of 2016 and the general election – to take back control of UK laws, borders, money, trade and fisheries. It changes the basis of the country's relationship with its European neighbours from EU law to free trade and friendly cooperation.
New rules apply to things like travel and doing business with Europe. Use the Brexit checker to get a personalised list of actions for you, your business and your family.
About the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
Current Status:
The UK made a request to join the CPTPP on 1 February 2021 . The CPTPP has been in force since 30 December 2018, with Singapore being one of the founding countries to ratfiy the agreement.
Key Benefits:
The CPTPP covers a market of around 500 million people. Joining the bloc would reduce tariffs on UK exports such as whisky and cars, as well as service industries.
CPTPP eliminates tariffs for 94% of Singapore’s exports to CPTPP markets.
The Legal Text consists of country specific tariff schedules, and one Rules of Origin schedule for all member countries.
Rules of Origin are product-specific for every tariff line.
Allows for Cumulation, where production undertaken on non-originating materials in a member territory can contribute toward the originating content of a good.
Addresses non-tariff barriers to trade through updated rules in technical standards, sanitary and phytosanitary measures, services and investment.
Tackles trade issues relevant to the 21st century economy by establishing enforceable rules in areas such as e-commerce and intellectual property.
How we can help UK exporters
At an early stage of a business' journey in ASEAN, the Chamber can provide support through our Trade Services team with market research, business matching, introductions and partner identification services readily available for British companies.
Download free sector overviews and get in touch with our Trade Services team below
Tools & Resources
The UK has left the EU, and the transition period after Brexit came to an end on 31 Dec 2020. Check the new rules from January 2021.
Search based tool for UK-based businesses
Advice for UK businesses from the Department for International Trade
Advice for international businesses from the Department for International Trade
Current export opportunities for Singapore
Use this service to check the UK Global Tariff that will apply to goods imported into the UK from 1 Jan 2021
Our compilation of important websites & tools
A pocketbook providing a snapshot of the UK’s trade position, summarising trade statistics produced by ONS, HMRC, DIT and others.
Easy to digest explainers on the various agreements provided by the Ministry for Trade & Industry
Singapore joined RCEP in Nov 2020, read this explainer from the Ministry for Trade & Industry
News & Stories
Upcoming Events
Hosted by the Chamber
Hosted by our Partners
Content Library
Watch our playlist of trade-related webinars on demand
Listen to trade-related podcast episodes on the go
Click on the image to read the special trade edition of Orient Magazine