July 2, 2021 | less than a minute read

Singapore and the UK to enter into digital economy pact

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Charmian Aw

Counsel

Get in touch

Charmian Aw

Counsel

Singapore and the United Kingdom have launched negotiations on a digital economy agreement, which will be the first of its kind between an Asian nation and a country in Europe.

Singapore's Minister-in-charge of Trade Relations observed that the island nation's digital economy has been “a bright spot that has remained resilient despite the challenges of the COVID-19 pandemic”.

The UKSDEA will build on the momentum of the Free Trade Agreement signed by Singapore and the UK last December.

Singapore has signed similar digital economy agreements with Australia, Chile and New Zealand, and is in the midst of negotiating another one with South Korea.

A cutting-edge deal with Singapore will keep us at the forefront of the technological revolution, ensuring we lead the way in digitally delivered trade and industries like fintech and cybersecurity. We are already the second largest services exporter in the world, with a huge comparative advantage in this area that we intend to capitalise on. (Elizabeth Truss, International Trade Secretary). As leading international financial centres and data hubs, there are tremendous opportunities to be gained from the UK and Singapore working together on digital trade issues that support and supercharge innovation. Working with like-minded countries like Singapore presents a real opportunity to develop a best-in-class digital agreement. (Miles Celic, Chief Executive Officer, TheCityUK). _