(Singapore, Jan 30, 2020) The EU-Singapore Free Trade Agreement (EUSFTA), which entered into force on 21 November 2019, will continue to apply to the UK during the Brexit transition period, the Ministry of Trade and Industry has announced.
It says that the Singapore Government notes the decision by the UK to withdraw from the European Union on 31 January 2020.
The EU and the UK have informed Singapore and their other trading partners of a transition period from 1 February 2020 to 31 December 2020.
During this period, the UK will be treated functionally as an EU Member State and remain a party to EU international agreements.
MTI says that Singapore and the UK are also working on an agreement to maintain trade continuity after the transition period ends and the EUSFTA no longer applies to the UK.
Minister for Trade and Industry Chan Chun Sing said: “The UK and Singapore share robust and longstanding economic ties. For Singapore companies doing business with the UK, the transition period will provide certainty for continued trade between Singapore and the UK.”
“We will continue our close cooperation with the UK to broaden and deepen our bilateral economic relations for the future,” he added.
MTI is telling Singaporean companies that are interested to find out more about the EUSFTA to contact Enterprise Singapore at email@example.com for further inquiries.