No new trade agreement can begin until the transition is over. Why Switzerland is worried about British trade after Brexit The UK government is also conducting trade negotiations with countries that do not yet have trade agreements with the EU, such as the US, Australia and New Zealand. As soon as UKSFTA comes into force, 84% of tariffs on Singapore`s exports to the UK will be abolished, with the remaining tariffs abolished by November 2024. British exporters have ample duty-free access to Singapore, with the removal of 99% of import duties. During the Brexit negotiations between the EU and the UK, there were concerns about the lack of agreement on the terms of withdrawal and the fact that the UK would hastily leave the EU without any deal (the initial scenario of Brexit without a deal). With this result a possibility, the United Kingdom secured a pure trade agreement with Norway and Iceland, which would only be valid after an exit without an EU agreement. Since the UK agreed on conditions in November 2019 and ratified the Brexit withdrawal agreement and left the EU at the end of January 2020, the deal has become obsolete and will therefore not enter into force. Although British Prime Minister Boris Johnson insists that an agreement must be reached by 15 October, no agreement has been reached. For the remainder of 2020, the question arises as to whether the UK and the EU will reach agreement on a deeper trade relationship within the meaning of the EU-Canada Free Trade Agreement or whether these relations will be based solely on the withdrawal agreement agreed in October 2019, including the Protocol on Ireland and Northern Ireland. In both cases, the UK will leave the internal market and customs union at the end of this year, and stakeholders should prepare for this reality. The United Kingdom and Singapore have signed a trade agreement that will cover current bilateral trade in goods and services of more than $224.8 billion ($17 billion) if the UK`s exit from the European Union is fully effective. The agreements under discussion are listed below.
Since the UK`s withdrawal from the EU in January, Britain has been striking on its own and negotiating new trade deals with countries that will replace the agreements negotiated by the bloc. Trade deals, of which the UK is a member of the EU, will no longer be valid if there is a Brexit without a deal. Some new agreements will not be in force until the UK leaves the EU.