Many major European exporters to Britain have sounded the alarm over the urgent need for a new free trade agreement after Brexit. The UK government is also conducting trade negotiations with countries that currently do not have EU trade agreements, such as the US, Australia and New Zealand. While it may be difficult for India to join RCEP, there are other free trade agreements worth exploring. One with the European Union, for example, is long overdue. It is an agreement worth signing. If India holds back, someone else will benefit; This year, Vietnam signed its own pact with the EU. Protectionism, not openness, is what will really "harm" India. While it was a member of the EU, the UK was automatically part of some forty trade agreements concluded by the EU with more than 70 countries. In 2018, these agreements accounted for around 11% of total UK trade. The UK services sector could also lose its guaranteed access to European markets. This would concern everyone from bankers and lawyers to musicians and cooks. If the UK were to act in accordance with WTO rules, tariffs would be applied to most of the products that British companies send to the EU. This would make British goods more expensive and more difficult to sell in Europe.

The UK could do the same for EU products if it so wishes. Singapore has partnered with Britain`s first FinTech Bridge, and British and UK Trade Ministers Lord Gerry Grimstone were speaking yesterday (9 December) at the Singapore Fintech Festival. Our two nations have common ambitions for technology and innovation, and the trade agreement will make it even easier for technology companies to succeed in our respective countries. Technology leaders see a natural fit with markets in the UK and Singapore, as they focus on innovation, entrepreneurship, technology and simple business activity. The Regional Comprehensive Economic Partnership (RCEP) — which includes 10 Southeast Asian economies along with China, Japan, South Korea, New Zealand and Australia — is the world`s largest trade pact in terms of GDP, analysts say. Between 2010 and 2018, ASEAN trade focused on some non-regional markets, while less effort was made to expand intra-regional trade. Perhaps it is time for ASEAN to look at strengthening intra-regional relations. International trade will help us meet the challenges of the coronavirus and boost economic growth across Britain. Fifteen Asia-Pacific nations, including China, want to get the world`s largest free trade agreement this weekend While free trade agreements are supposed to boost trade, too many cheap imports could threaten a country`s producers, which could create jobs. The agreements reached with Singapore and Vietnam are one step closer to Britain`s accession to the Trans-Pacific Partnership (CPTPP), which accounted for 13% of global GDP in 2019 and would rise to 16% if the UK joins. This follows the launch of the UK`s first digital trade network in Asia-Pacific to increase digital trade and investment opportunities and forge new digital partnerships in the region to help more UK businesses export digitally. .

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