Singapore maritime hub to benefit from Brexit changes: Ince Law Alliance
SINGAPORE's position as Asia's leading maritime services hub is likely to be boosted in a post-Brexit environment, according to Singapore-based Ince Law Alliance, comprising Ince & Co Singapore LLP and Incisive Law LLC. The UK's decision to leave the European Union has seen GBP fall to US$1.30, with many commentators predicting a recession that could negatively impact the country's maritime sector, which contributes GBP4.4 billion to the UK economy.
Similar to Lion City, UK's economy is services-ocused, with London the centre of UK and European maritime services. However, according to Bill Ricquier, managing director at Incisive Law, if London suffers from a UK-wide downturn, or indeed gains from new free trade deals and greater autonomy, Singapore is well placed under either scenario to benefit both from its historic relationship with the UK, as well as newly developed ties.
"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.
"Conversely, a glass half-full sentiment may also benefit Singapore if the UK can deliver a relatively swift exit in favour of alternative trading relationships with the EU and other nations. Under the UK's treaty obligations, the UK can negotiate trade agreements with non-EU states but cannot conclude them until it ceases to be an EU member,?Mr Ricquier added.
Commenting on the uncertainty surrounding the implications of Brexit, John Simpson, managing partner at Ince & Co Singapore, said: "Once again, Brexit underlines the impact of global events on shipping. Whilst I do not consider that this should have any impact on the position of English law at the forefront of maritime dispute resolution, more shipping interests may seek to include Singapore as a venue for arbitration following the takeover of the Baltic Exchange. For those who can move quickly, and in particular Singapore-based shipping interests, there may also be other opportunities.
SINGAPORE's position as Asia's leading maritime services hub is likely to be boosted in a post-Brexit environment, according to Singapore-based Ince Law Alliance, comprising Ince & Co Singapore LLP and Incisive Law LLC. The UK's decision to leave the European Union has seen GBP fall to US$1.30, with many commentators predicting a recession that could negatively impact the country's maritime sector, which contributes GBP4.4 billion to the UK economy.
Similar to Lion City, UK's economy is services-ocused, with London the centre of UK and European maritime services. However, according to Bill Ricquier, managing director at Incisive Law, if London suffers from a UK-wide downturn, or indeed gains from new free trade deals and greater autonomy, Singapore is well placed under either scenario to benefit both from its historic relationship with the UK, as well as newly developed ties.
"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.
"Conversely, a glass half-full sentiment may also benefit Singapore if the UK can deliver a relatively swift exit in favour of alternative trading relationships with the EU and other nations. Under the UK's treaty obligations, the UK can negotiate trade agreements with non-EU states but cannot conclude them until it ceases to be an EU member,?Mr Ricquier added.
Commenting on the uncertainty surrounding the implications of Brexit, John Simpson, managing partner at Ince & Co Singapore, said: "Once again, Brexit underlines the impact of global events on shipping. Whilst I do not consider that this should have any impact on the position of English law at the forefront of maritime dispute resolution, more shipping interests may seek to include Singapore as a venue for arbitration following the takeover of the Baltic Exchange. For those who can move quickly, and in particular Singapore-based shipping interests, there may also be other opportunities.