Britain says it's back as major trade force as it signs Singapore deal

[snoop1130]

Britain says it's back as major trade force as it signs Singapore deal

By Chen Lin and Joe Brock

 

Britain’s trade minister Liz Truss and Singapore's trade minister Chan Chun Sing sign a free trade agreement in Singapore December 10, 2020. Ministry of Trade and Industry Singapore/Handout via REUTERS.

 

SINGAPORE (Reuters) - Britain said it was re-emerging as a major trade force as it signed a free trade deal with wealthy city-state Singapore on Thursday, its latest agreement globally as it prepares to end its transition out of the European Union on Dec. 31.

 

The deal signing between Britain's trade minister Liz Truss and her Singaporean counterpart comes as leaders from Britain and the EU tried to seal a new trade pact and avert what some fear will be a chaotic end to the five-year Brexit process.

 

Britain is Singapore's top destination for direct investment in Europe and is among its largest trading partners there. Total bilateral trade between the two countries was valued at $13.5 billion in 2019, a fraction of about $1 trillion in annual trade at stake in Britain's talks with the EU.

 

The agreement with the former British colony, which gained independence in 1965, largely mirrors the city-state's existing deal with the European Union, which Britain formally left at the end of January.

 

"Fifty five years after Singapore's independence, the UK is re-emerging as a fully independent nation, and a major force in global trade," Truss said during the signing ceremony.

 

Speaking to Reuters on the sidelines, she said Britain had signed 56 deals previously covered under EU agreements, and was working on a few others by the end of the year including one with Vietnam it hoped to strike "very shortly".

 

Meanwhile in Brussels, British Prime Minister Boris Johnson and the European Union's chief executive have given themselves until the end of the weekend to seal a trade pact hindered by persistent rifts including fisheries, agreeing ways to settle future trade disputes and protecting against price dumping.

 

Failure to agree new rules would snarl borders, shock financial markets and sow chaos through supply chains in a world already grappling with the economic cost of COVID-19.

 

Asked about the EU negotiations, Truss said Britain was working hard to get a "good" deal but would not do it at any cost and "was ready for every eventuality".

 

Truss said Singapore had also joined other members of the CPTPP, formally known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, in backing Britain's plans to apply to join the trading bloc early next year.

 

The CPTPP is a free trade agreement that links Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

 

-- © Copyright Reuters 2020-12-10

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates

[pacovl46]

So, it’s a fraction of the trade the UK had with the EU, but the UK are back as a “major” trade force?! ????

[soalbundy]

Almost like the trade deal with Japan......for stuff the UK doesn't export to Japan, seems like only the number of deals count, who cares about the usefulness or content. Desperation, something to show the Daily Express readers.

Edited December 11, 2020 by soalbundy

[Srikcir]

'Britain is major trade force with its deal with Singapore'

And becomes the 19th nation/trading bloc that has a trade deal with Singapore, including the likes of which many ikely exceed UK's deal such as China, India, Japan, Turkey and EU (ref. Wikipedia). Yahoo!

On Singapore's side, it is a partner in CPTPP that has FTA's with 11 countries. Sad UK.

 

[CorpusChristie]

2 hours ago, pacovl46 said:

So, it’s a fraction of the trade the UK had with the EU, but the UK are back as a “major” trade force?! ????

 

  That is with just one Country , we have other deals with other Countries in the pipeline .

 

[Proboscis]

So, lets get this straight:

 

The UK would have got this deal anyway if they had stayed in the EU.

 

The Singapore deal amounts to approx 1.3% of the trade that is done with the EU, and therefore represents only about 0.7% of the UK's total annual trade. 

 

I suppose, little by little. But they will need about 70 more Singapores to get to where they would have been in the EU. And Singapore is not next door. And does not produce food.

[natway09]

So the travelling road show actually inked a small deal which basically was in place before anyway.

I suppose you have to start at the beginning but it really means nothing as a drop in the bucket

[Surelynot]

It is the same deal as we already have.....it is the EU deal rolled over.....

[Surelynot]

18 hours ago, snoop1130 said:

Britain says it's back as major trade force as it signs ???????? deal

Come back and post this headline again when we secure a deal we don't already have through the EU and one that provides a major financial benefit to the UK.......mind you I am 65...so might not get to see it.

[Thingamabob]

Japan and Singapore are the first of many. 

[steve187]

2 hours ago, Surelynot said:

Come back and post this headline again when we secure a deal we don't already have through the EU and one that provides a major financial benefit to the UK.......mind you I am 65...so might not get to see it.

will any deal affect you

[Patts]

15 minutes ago, Thingamabob said:

Japan and Singapore are the first of many. 

And Canada

[DaveCW]

45 minutes ago, Patts said:

And Canada

I read that there are already 53 deals signed or near signed deals. New Zealand probably cant wait, so they can export their beef when the protectionist EU tariff of 70%+ can be dropped lower than EU beef - just an example. This is why there will be so many trade deals as the UK will be able to negotiate realistic tariffs with other nations. We can all sit here and spout whatever believes we have, but the reality is, that time will tell the story. This is a massive undertaking and will not be achieved overnight, it will take time. I believe in the UK, and I'm willing to allow time to tell the story.

 

As for "negotiations" with the EU, are folk here really of the opinion that the EU's demands on maintaining a political and legal alignment are reasonable for TRADE negotiations - what other nation(s) has to abide by these type of demands for a TRADE deal?

[Surelynot]

1 hour ago, steve187 said:

will any deal affect you

Good point....well made.

[pacovl46]

16 hours ago, CorpusChristie said:

 

  That is with just one Country , we have other deals with other Countries in the pipeline .

 

Still, nothing “major” about it!

[DaveCW]

On 12/11/2020 at 9:09 AM, DaveCW said:

I read that there are already 53 deals signed or near signed deals. New Zealand probably cant wait, so they can export their beef when the protectionist EU tariff of 70%+ can be dropped lower than EU beef - just an example. This is why there will be so many trade deals as the UK will be able to negotiate realistic tariffs with other nations. We can all sit here and spout whatever believes we have, but the reality is, that time will tell the story. This is a massive undertaking and will not be achieved overnight, it will take time. I believe in the UK, and I'm willing to allow time to tell the story.

 

As for "negotiations" with the EU, are folk here really of the opinion that the EU's demands on maintaining a political and legal alignment are reasonable for TRADE negotiations - what other nation(s) has to abide by these type of demands for a TRADE deal?

Correction - Its currently 57 trade deals worth almost 200 billion pounds (and if no deal - there will still be billions of trade with the EU) - All this despite the many predictions of the UK not being able to negotiate trade deals or least any in a timely manner.

 

Glad I'm not one of those who make their predictions from a (Now obvious) broken crystal ball, in doing so kinda makes one look foolish. Better to have waited and let time do the story telling.

[Surelynot]

44 minutes ago, DaveCW said:

Correction - Its currently 57 trade deals worth almost 200 billion pounds (and if no deal - there will still be billions of trade with the EU) - All this despite the many predictions of the UK not being able to negotiate trade deals or least any in a timely manner.

 

Glad I'm not one of those who make their predictions from a (Now obvious) broken crystal ball, in doing so kinda makes one look foolish. Better to have waited and let time do the story telling.

Genuine question as I have no idea (and too lazy to research as you may know the answer)....how many of these 57 deals are, in effect, EU deals rolled over as opposed to 'new, from scratch, trade deals?

[DaveCW]

3 hours ago, Surelynot said:

Genuine question as I have no idea (and too lazy to research as you may know the answer)....how many of these 57 deals are, in effect, EU deals rolled over as opposed to 'new, from scratch, trade deals?

Why would that matter? They are all new deals with the UK - I guess your angle is the so what? - Well I guess its the fact that we can negotiate deals without having excessive tariffs applied which are then sent to the EU - So it will ease trade with new partners, this, with existing trade to EU means more trade overall.

 

Edited December 14, 2020 by DaveCW