Singapore, UK begin talks on digital economy agreement

28 Jun '21

2 min read

Pic: Shutterstock

Singapore and the United Kingdom today began negotiations on a new ambitious digital trade agreement to potentially remove barriers to digital trade and enable British exporters to expand into high-tech markets. Singaporean minister-in-charge of trade relations S Iswaran and UK international trade secretary Liz Truss are meeting virtually today.

The United Kingdom is the first European country to start negotiations on a digital economy agreement (DEA). Seventy per cent of UK services exports—worth £3.2 billion—were digitally delivered to Singapore in 2019, according to a UK government press release.

The DEA would open further opportunities for British businesses to deliver their services through digital trade. It would help cut red tape and ensure companies can trade more efficiently through digital technology such as electronic transactions, e-signatures and e-contracts, the release said.

The negotiations will focus on securing open digital markets for exporters, allowing them to expand into new markets and sell traditional products in new ways; ensuring free and trusted cross-border data flows, while upholding high standards of personal data protection; cutting red tape for UK businesses by promoting digital trading systems such as digital customs and border procedures that will save time and money when exporting; upholding consumer rights and protecting businesses’ valuable intellectual property like source code and cryptography; and deepening cooperation on future growth sectors.

Fibre2Fashion News Desk (DS)

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