To bolster the UK’s economy and advance security, Prime Minister Rishi Sunak has agreed on a new bilateral partnership with Singapore. The Prime Minister will meet Singaporean PM Lee Hsien Loong in the margins of the G20 Summit in India to ink a new UK and Singapore Strategic Partnership.
Strengthening Trade and Investment
The strategic partnership sets the course for UK-Singapore relations for the coming decade, focusing on upgrading trade and investment relations with one of Southeast Asia’s powerhouse economies. Both countries have identified common objectives and expertise in areas such as technology and clean energy. Following the strategic partnership, the UK and Singapore will forge hands toward concluding a modern bilateral investment treaty, the first since the UK left the EU. This treaty aims to elevate the confidence of Singaporean entities to invest in the UK and vice versa, subsequently creating jobs and fostering economic growth in both countries.
A Flourishing Relationship
Singapore stands as one of the UK’s closest and most dynamic partners in the region, with a £21 billion trade relationship accounting for 40% of the UK’s total trade with Southeast Asia. Additionally, Singaporean entities have invested a staggering £226 billion in the UK. Last year, the two nations signed a groundbreaking Digital Economy Agreement, designed to seize new trade opportunities for businesses in both countries.
Enhanced Cooperation in Various Domains
Besides economic cooperation, the new strategic partnership also aims to enhance security cooperation, science and technology innovation, and research and development. This includes a novel collaboration to counter emerging threats in domains like cyber, through a partnership between Singapore’s new Digital and Intelligence Service and the UK.
Prime Minister Sunak’s Commitment
Prime Minister Sunak expressed his steadfast commitment to delivering on his priorities, which include halving inflation, growing the economy while reducing government debt, cutting NHS waiting lists, and stopping illegal migration. He emphasized that these priorities could only be realized through international collaboration. “As Prime Minister, I’ve put the interests of the British people front and center of my international engagement. I am ensuring that diplomacy delivers.” Sunak said.
The Prime Minister also highlighted the importance of the new agreement with Singapore in delivering these priorities and ensuring the future mapping of the world economy alongside the UK’s closest partners.
New Partnerships and Agreements
Since assuming office, Prime Minister Sunak has established several new bilateral and multilateral partnerships that are already helping to deliver on the UK Government’s priorities. These include agreements with France, Albania, and Turkey to stop illegal migration; the Hiroshima Accord with Japan and the Atlantic Declaration with the United States to strengthen the economy; and the AUKUS pact with Australia and the US to build a new fleet of nuclear-powered submarines.
The UK also recently acceded to the CPTPP Pacific trade agreement and is in the process of negotiating further free trade agreements, including a deal with India. Additionally, the Prime Minister secured a bespoke deal with the EU, granting UK scientists access to Horizon Europe, the world’s largest research collaboration program.
Global Challenge
During his engagements at the G20 Summit, Prime Minister Sunak will urge leaders to take action on the world’s most pressing challenges, including stabilizing the global economy and enhancing global security.
The new UK-Singapore Strategic Partnership marks a significant milestone in the relations between the two nations. It aims to bolster the economy, strengthen security, and enhance technological innovation and research and development. This agreement sets a positive direction for the UK’s international engagement and commitment to addressing global challenges collaboratively.
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