Europe UK (Commonwealth Union) – A new bilateral partnership between the United Kingdom and Singapore, as agreed upon by the Prime Minister on Saturday, September 9th, is poised to bolster the UK’s economy while enhancing security measures.
The Prime Ministers meeting with Singapore’s Prime Minister, Lee Hsien Loong, during the G20 Summit in India to formally sign the UK-Singapore Strategic Partnership. This pivotal agreement is set to shape the course of UK-Singapore relations for the next decade, elevating the trade and investment ties between the Commonwealth nations. This development recognizes the mutual expertise and interests shared by both nations, particularly in fields such as technology and clean energy.
Following the establishment of this Strategic Partnership, the UK and Singapore will collaborate to finalize a contemporary bilateral investment treaty. Remarkably, this marks the UK’s first such treaty negotiated since its departure from the European Union. The treaty will instill confidence in Singaporean companies seeking to invest in the UK, and reciprocally, fostering job creation and economic growth in both nations.
Singapore holds a special status as one of the UK’s closest and most dynamic partners in the region, with a robust £21 billion trade relationship, accounting for 40% of the UK’s total trade with Southeast Asia. Singaporean entities have invested a substantial £226 billion in the UK. Notably, last year, both nations inked a pioneering Digital Economy Agreement, aimed at facilitating trade opportunities for businesses in both countries.
In addition to the enriched economic cooperation, the new UK-Singapore Strategic Partnership will fortify security collaboration, stimulate innovation in science and technology, and drive advancements in research and development. This encompasses joint efforts to counter emerging threats in areas like cybersecurity, an initiative that signifies a groundbreaking partnership between Singapore’s newly established Digital and Intelligence Service and the UK.
“I am totally committed to delivering on my priorities to halve inflation, grow the economy while reducing government debt, cut NHS waiting lists and stop the boats. But none of these priorities can be achieved without working with our international partners,” said PM Sunak.
