Benefits That Businesses Can Gain From UK-Singapore FTA
One of the main benefits of home tuition Singapore is the one-on-one attention that the student receives from a tutor. Many parents hire home tutors that can fully focus their attention on the child’s weaknesses. However, like all other businesses, the economy of Singapore will have a big effect on the demand for home tuition.
Things are looking good for businesses in Singapore. A free trade agreement (FTA) was recently signed by Singapore and the United Kingdom so that businesses in both jurisdictions will have more clarity and certainty in trading agreements.
According to the Ministry of Trade and Industry, under the UK-Singapore FTA, both British and Singapore firms will have the same benefits that they are receiving under the EU-Singapore FTA. The benefits include the elimination of tariffs for goods trade and increased access to government procurement markets.
Tariff elimination means that 84% of Singapore exports entering the UK will be duty-free starting January 01, 2021, when the UK-Singapore FTA kicks in. Duty-free products will include Asian food products, electronics, pharmaceuticals, and petrochemicals. By November 21, 2024, all remaining products will be free from tariffs like textiles, fruits, selected meat products, and seafood products.
More liberal and flexible rules of origin for the UK’s and Singapore’s key exports will be provided to products like automobiles, chemicals, electronics, and pharmaceuticals. Asian food products that are made in Singapore like prawn dumplings and spicy crispy anchovies will continue to enjoy enhanced market access.
Furthermore, a level playing field for UK and Singapore businesses will be created through the FTA’s enhanced market access for service providers, professionals, and investors. Service sectors that are covered by the FTA include architecture, engineering, management consultancy, and international maritime transport including hotel and restaurant services. All unnecessary technical barriers in the trade between Singapore and the UK will be removed to facilitate trade and create a level playing for both jurisdictions.
Meanwhile, if your child is encountering difficulties with his lessons, you can get expert help from home tuition Singapore that provides the benefits of one-on-one attention. Having home tuition is crucial for a student who is struggling with some of the subjects taught in the classroom.