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.
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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-Singapore Partnership for Financial Services
Current Status:
Signed 30 June 2021
Key Benefits:
The Financial Partnership is a new agreement that will support increased financial services activity between the two countries, facilitating closer cooperation, greater information sharing and opportunities to boost trade and investment. The Partnership was agreed by Rishi Sunak and Singapore’s Senior Minister and Chairman of the MAS, Tharman Shanmugaratnam. It is backed up by an MOU which aims to reduce frictions for firms serving UK and Singapore markets by recognising that each other’s financial services regulatory regimes achieve similar outcomes. The agreement is an outcome of the sixth UK-Singapore Financial Dialogue.
Click to read the MOU signed between the UK and Singapore
About the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
Current Status:
As of 18 February 2022, the UK is in the final stages of approval.
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.
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 UK-Singapore Digital Economy Agreement
Current Status:
Signed 25 February 2022
Key Benefits:
The UK-Singapore DEA establishes rules to enable trusted cross-border data flows and ensure high standards in data protection, building on the momentum of the UKSFTA. After six months of negotiations - during which the British Chamber of Commerce Singapore provided several opportunities for businesses to share their observations and hopes for an agreement - International Trade Secretary Anne-Marie Trevelyan and Singapore Minister-in-charge of Trade Relations S. Iswaran reached an agreement in principle on a Digital Economy Agreement (DEA) that will cut costs, slash red tape and pave the way for a new era of trade. It is the first digitally-focused trade agreement ever signed by a European nation.
Currently, a third of the UK's exports to Singapore are digitally delivered, particularly in services sectors such as finance and advertising, and in engineering.
About the UK's ASEAN Dialogue Partner status
Current Status:
In force since 5 August 2021
Key Benefits:
The partnership, which is the first ASEAN has agreed in 25 years, will lead to closer cooperation between the UK and the region on a range of issues such as trade, investment, climate change, the environment, science and technology, and education. ASEAN is an influential group of ten member countries in the Indo-Pacific. By becoming a Dialogue Partner the UK will formalise its relations with the group - including through attending annual Foreign and Economic Ministers meetings along with other Ministerial engagements.
Dialogue Partner status puts the UK at the heart of the Indo-Pacific. The UK will work with ASEAN and its members on key shared challenges such as maritime security and transnational crime, boost our economies through trade, and strengthen our cooperation on issues such COVID-19 and climate change.
Watch our recent webinar below with the UK Ambassador to ASEAN to understand more about this status.
Free Sector Overviews
Find out for the market opportunities for British businesses in Singapore within key sectors in these free overviews provided by our Trade Services team
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.
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 considering overseas markets; both known barriers & reporting of new barries
Market guide 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
Snapshot of the UK’s trade position, summarising trade statistics produced by ONS, HMRC, DIT and others (Feb 2020)
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
Content Library
Watch our playlist of trade-related webinars on demand
Listen to our playlist of podcasts on the go
Click on the image to read the special trade edition of Orient Magazine