In a significant development, on Thursday, Britain has signed a free trade agreement with Singapore as it prepares its transition out of the European Union on December 31, 2020.

The deal was signed by Britain’s secretary of state of international trade Liz Truss and Singapore’s trade minister Chan Chun Sing at a ceremony in Singapore.

The signing of the deal comes at a time when British Prime Minister Boris Johnson and the European Union’s chief executive gave themselves until the end of the weekend to hammer out burrs in Brexit trade negotiations.

The deal largely mirrors Singapore’s standing agreement with the European Union.

Singapore is one of Britain’s top trading partners for goods and services and is the top destination for top investment in Europe.

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