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The deal is “the second biggest agreement” secured by the UK in the Asia Pacific region, according to the International Trade Secretary.
The signing of the deal comes as Britain prepares to end its transition out of the European Union on December 31.
Ms Truss said the deal will create more certainty for businesses and tighten ties in digital and services trade.
She added that it demonstrates Britain can thrive as an independent trading country.
Before signing the deal, Ms Truss praised the future relations between the UK and Singapore.
She said: “Fifty five years after Singapore’s independence, the UK is re-emerging as a fully independent nation, and a major force in global trade.
“Together, we’re paving the way for a brighter future, rich in economic potential and opportunity.”
This is a breaking story. Updates to follow…
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