The ambitious new digital trade agreement could remove barriers to digital trade and enable UK exporters to expand into high-tech markets.
The UK and Singapore will today (28 June) launch negotiations on a new ambitious 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 to kick start negotiations.
The UK is the first European country to start negotiations on a Digital Economy Agreement (DEA). Singapore and the UK are both global leaders in the digital economy and 70% of UK services exports, from financial and legal services to music streaming and e-books, were digitally delivered to Singapore in 2019, worth £3.2 billion.
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.
Today’s announcement is part of the government’s strategy to place the UK at the centre of a network of modern free trade agreements with dynamic countries, and to enhance our status as a global hub for services and digital trade.
Read more: UK and Singapore