Daily US Times: Singapore and the United Kingdom signed a free trade deal in the Southeast Asian city-state on Thursday.
The free trade deal will cover a trade relationship worth more than $22bn (£17bn).
The agreement largely mirrors an existing deal between the European Union (EU) and Singapore.
It is part of a broader set of trade negotiations for the UK, as it tries to replicate trade pacts that will cease when the EU transition period ends.
Liz Truss, Britain’s secretary of state of international trade and Chan Chun Sing, Singapore’s trade minister, signed the deal at a ceremony in Singapore.
The deal comes as British Prime Minister Boris Johnson and the chief executive of the EU gave themselves until the end of the weekend to seal a new trade pact, following a three-hour dinner that left the two sides “far apart”.
The agreement removes tariffs and gives both Singapore and the UK access to each other’s markets in services.
It will also cut non-tariff barriers for cars and vehicle parts, electronics, medical devices, pharmaceutical products and renewable energy generation.
Duties will be eliminated by November 2024, the same timeline as the pact between Singapore and the EU.
Mr Chan said: “Beyond the significant benefits to our respective businesses, the (deal) is a strong statement against protectionism and nativism.”
He added that the trade deal will be “crucial in ensuring a strong and resilient post-pandemic recovery for the world”.
You may read: US Covid-19 deaths hit record levels with the holidays ahead