UK Prime Minister Rishi Sunak has inked a strategic partnership with Singapore, helping the economy and reinforcing shared security objectives
In a significant move, UK Prime Minister Rishi Sunak and Singaporean Prime Minister Lee Hsien Loong signed a groundbreaking UK-Singapore Strategic Partnership during the G20 Summit in India.
This landmark agreement charts the course for the next decade, elevating trade and investment ties between the two nations.
Bolstering bilateral investment between UK and Singapore
Post-Strategic Partnership, both nations are committed to crafting a modern bilateral investment treaty, the first of its kind since the UK’s departure from the EU. This agreement will inspire confidence among Singaporean and British firms, spurring investments and fostering economic growth.
Singapore is a dynamic and close partner to the UK in Southeast Asia, boasting a £21 billion trade relationship comprising 40% of the UK’s total trade with the region. With £226 billion invested by Singaporean entities in the UK, this partnership is poised to deliver tangible economic benefits.
Strengthening security and innovation for UK-Singapore
Beyond economic collaboration, the UK-Singapore Strategic Partnership will fortify security cooperation, promote science and technology innovation, and encourage research and development.
A pioneering partnership between Singapore’s Digital and Intelligence Service and the UK will address emerging cyber threats, enhancing security on a global scale.
Prime Minister Sunak is committed to delivering on the UK’s priorities, including economic growth and security enhancement. The partnership with Singapore exemplifies the UK’s dedication to working closely with international allies, fortifying diplomatic ties for a brighter future.
PM Sunak’s commitment to international diplomacy
In recent times, Sunak has successfully cultivated various bilateral and multilateral partnerships, addressing critical issues such as illegal migration, economic stability, and defence.
These collaborations with countries like France, Japan, the United States, Albania, and Turkey underscore the UK’s active role in the international arena.
Furthermore, the UK’s accession to the CPTPP Pacific trade agreement and ongoing negotiations for free trade agreements, including a prospective deal with India, demonstrates the country’s commitment to global commerce.
Lastly, securing access to Horizon Europe, the world’s most extensive research collaboration program, reinforces the UK’s scientific prowess on the international stage.
At the G20 Summit, Sunak will advocate for united global action to confront pressing challenges, such as stabilising the world economy and fortifying global security. The UK’s partnerships, including the historic agreement with Singapore, will be pivotal in addressing these issues internationally.
