SINGAPORE: Singapore and the United Kingdom on Tuesday (Feb 21) renewed the bilateral Economic and Business Partnership (EBP), the Ministry of Trade and Industry (MTI) announced in a news release.
This paves the way for greater economic cooperation and new business opportunities in both countries, said MTI.
The renewed partnership was signed by Singapore’s Minister for Trade and Industry (Trade) Lim Hng Kiang and the UK’s Secretary of State for International Trade Liam Fox, after their meeting on Tuesday afternoon. Mr Fox is in Singapore from Feb 20 to 22 on an official visit.
Both sides affirmed the robust and multi-faceted bilateral relations between both countries, and discussed the strengthening of economic cooperation and trade links.
“Against a backdrop of rising protectionist sentiments, Singapore and the UK, as like-minded and forward-looking partners, will stay the course on free and open trade.,” said Mr Lim. “We will work together to promote the development of an open global trading environment.”
The renewed EBP builds on the original agreement – signed in Oct 2011 – to facilitate regular and strategic dialogue at the senior officials’ level, MTI said. New areas of cooperation under the renewed partnership include collaborating on trade policy capacity-building initiatives, and establishing a working group to deepen trade and investment ties.
The UK is Singapore’s fourth-largest European trading partner, with total bilateral trade valued at S$ 11.4 billion. Singapore is the UK’s largest trading and investment partner in ASEAN, and is a gateway to the region for many British businesses, according to MTI.