BRUSSELS: Philip Hammond says he hopes Singapore businesses will not put UK plans on hold ahead of EU membership vote.
The United Kingdom’s looming referendum on membership of the European Union (EU) should not be a barrier to Singapore companies doing business there, Britain’s Foreign Secretary said.
\Philip Hammond, who was here for Singapore’s Golden Jubilee celebrations, acknowledged that membership of the EU is a key reason Singapore companies want to do business in Britain.
While the new Conservative government is committed to a referendum to allow the public to decide on Britain’s European future, leaving the EU is not British Prime Minister David Cameron’s objective, Mr Hammond told 938LIVE in an interview.
What he (Mr Cameron) is seeking is an effective renegotiation of Britain’s relationship with the European Union and a modernisation of the EU itself to make sure it’s fit for purpose,” he said.
As part of that, Mr Hammond said Britain wants the EU to be less inward-looking and to expand its horizons to embrace the opportunities in high-growth parts of the global economy, such as South-East Asia.
If Europe cannot be competitive in these fast-growing markets in South-East Asia, it has no future,” he said.
There is no point in the EU spending its time arguing about how to slice up a declining cake. It has to focus on ensuring that we are competitive (and) productive enough to hold our own in a global marketplace with the fast-growing economies of South-East Asia, working together symbiotically so that we can add value to each other’s economies.”
