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WorldPosted at: Dec 10 2020 5:07PM


UK signs Post-Brexit trade deals with Singapore, Vietnam

London, Dec 10 (Sputnik) The United Kingdom signed on Thursday two free trade agreements with Singapore and Vietnam as part of its strategy to create a network of trading relations with major world economies after completing its departure from the European Union on December 31.
“Both these agreements are vital for the UK’s future as an independent trading nation. Not only do they lock in billions of pounds worth of trade, they also pave the way for new digital partnerships and joining the Trans-Pacific Partnership,” UK International Trade Minister Liz Truss was quoted as saying in a statement released by her ministry.
Truss signed the first deal in the South Asian city-state before heading to Vietnam to conclude the other free trade agreement.
The UK government said the agreements, which largely mirrored the ones currently in force under the EU terms, mark another step towards the UK joining the Trans-Pacific Partnership which accounted for 13 percent of global Gross Domestic Product in 2019, and that would rise to 16 percent if the UK is eventually allowed to join it.
The UK has already signed trade deals with Canada, Japan and other non-EU countries that are expected to go into effect after Brexit, when the bloc’s trade deals will no longer apply to London.
SPUTNIK GK 1706
Tags: #UK signs Post-Brexit trade deals with Singapore# Vietnam
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