The UK and Singapore will negotiate a new digital trade agreement that could remove barriers to digital trade and enable UK exporters to expand into high-tech markets.
International Trade Secretary Liz Truss and the Singaporean Minister in charge of Trade Relations Mr S. Iswaran will meet by video call today (28 June 2021) to start negotiations.
Singapore and the UK are both global leaders in the digital economy. 70% of UK services exports were digitally delivered to Singapore in 2019, worth £3.2 billion.
The UK is the first European country to start negotiations on a Digital Economy Agreement (DEA), which will help British businesses to deliver their services through digital trade, cut red tape and ensure companies can trade more efficiently.
Negotiations will focus on:
- Securing open digital markets for exporters
- 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
- Upholding consumer rights and protecting businesses’ valuable intellectual property
- Deepening cooperation on future growth sectors like fintech and lawtech
International Trade Secretary, Liz Truss said:
‘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.
‘The UK will be the first European country to ever negotiate a Digital Economy Agreement, which shows what we can do as a sovereign trading nation. We are becoming more flexible, more nimble and less defensive in our approach to trade. Our ambition is to make the UK a global hub for services and digital trade, by striking a series of advanced, high-standards agreements with leading nations across the world that drive productivity, jobs, and growth across the UK.’