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Singapore maritime could gain from Brexit

Singapore maritime could gain from Brexit
Britain’s Brexit vote decision to leave the EU could yet further bolster Singapore’s position as a maritime hub according to Ince Law Alliance.

The Lion City’s rapid rise as an international shipping centre has been well documented and it could benefit from the UK’s move to the EU combined with its own long-term relationship with Britain, which includes a largely English law-based legal system.

“It can be argued that Brexit means good news for Singapore regardless of the permutations ahead, which remain largely unknown,” said Bill Ricquier, md of Incisive Law

“Looking at Brexit with the glass half-empty from a UK perspective, Singapore is well-positioned to benefit from any decline in London’s status as a maritime centre, given the low barriers to doing business in Singapore, its legal, cultural and services-focused synergies with the UK, particularly when it comes to meeting the needs of shipping interests, as well as its vital geo-strategic position in the world’s fastest growing maritime region.”

On an opposite scenario of glass half empty for Singapore, it could benefit from the UK looking beyond the EU more in terms of trade treaties.

“It would be encouraging to see Singapore near the front of the queue when bilateral trade negotiations open, particularly given the historic ties between the two nations and the status of both as key global financial centres,” Ricquier said.

The bid by the Singapore Exchange for the Baltic Exchange was also flagged as example of growing ties between the two maritime centres regardless of Brexit.

“Indeed, increased ties between London and Singapore, as illustrated by the Singapore Exchange (SGX) proposed acquisition of the Baltic Exchange, appear to be inevitable and sensible, whatever the long-term consequences of Brexit for London and the UK as a maritime hub,” he said.