UK-Singapore Economic and Business Partnership
The UK-Singapore Economic & Business Partnership Agreement (EBP) was signed on 31 October 2011 by the UK Business Secretary Vince Cable, and the Singapore Minister for Trade & Industry Lim Hng Kiang. With this, both governments have committed to establishing a more strategic working relationship, to take forward collaboration in three key areas: Business Cooperation, R&D Cooperation and Policy Exchanges.
The two countries will take steps to foster even greater linkages in our priority business sectors. These have been jointly identified to include the following growth industries: transport, infrastructure & energy; clean technology; ICT; education and creative services.
The aim is to work closely to maximise business opportunities between the two countries, and to explore collaboration in lucrative third markets e.g. China. The EBP also hopes to build on existing strong R&D ties between British and Singaporean research institutions, with particular emphasis on science & technology collaboration and commercialisation in key sectors like maritime, digital, electronics and pharmaceuticals/medical biotechnology. At the policy level, the two countries aim to share best practices in several main areas of work including competition policy, intellectual property, as well as horizon scanning.
Bilateral relations with Singapore
- UK goods exports to Singapore for year 2011: £3.6 billion (up 11% from 2010)
- UK-Singapore bilateral trade (exports + imports) for year 2011: £7.5 billion (up 3% from 2010)
- Singapore was (in 2011) the UK’s 12th largest goods exports market outside of the EU (10th largest in 2010)
- In 2011, nearly 47% of UK’s goods exports to Southeast Asia (ASEAN 10) came to Singapore
- UK’s total goods exports to SEA amounted to £7.8 billion in 2011 (up 15.5% from year 2010)
- Singaporean sovereign wealth funds, collectively worth over $400bn, are big investors in the UK
