SINGAPORE: Britain on Thursday signed a free-trade deal with Singapore, giving it a key foothold in Asia as it seeks to forge its own path after leaving the European Union, while talks on a post-Brexit EU agreement stumble. The deal largely mirrors an existing EU-Singapore pact, and will cover about 17 billion pounds (US$22 billion) in bilateral trade. It came as negotiations between Britain and the EU on a trade relationship following the end of this year's post-Brexit transition period teeter towards failure.
The deal removes tariffs and gives both countries access to each others' markets in services, as well as cuts non-tariff barriers in sectors ranging from electronics to pharmaceutical products, Singapore's trade ministry said. After the pact was signed, British Prime Minister Boris Johnson hailed a "fantastic trade agreement with Singapore".
"This is an important part of our vision of the UK trading with a network of dynamic nations across Asia-Pacific," he tweeted. International Trade Secretary Liz Truss, in Singapore to sign the pact, praised the affluent financial hub of 5.7 million for its leadership in free trade.
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