NewsCase StudiesEvents

UK Singapore joint statement on the launch of negotiations on a Digital Economy Agreement

Also in the news...

Trade with the UK as a business based in the EU

If you run an EU-based business, check what your business needs to know to continue trading with the UK.

Safety and security requirements on imports and exports

Find out about new safety and security declarations that will apply from 1 October 2021 on goods leaving Great Britain (England, Scotland and Wales).

How to open a company in the USA while maintaining residence in Italy

It is one of the best ways for the Italian citizen to manage their business. This corporate vehicle allows access to multiple advantages of an advanced jurisdiction such as the US and also manages to maintain a low tax rate with very manageable levels of accounting and bureaucracy.

UK-ASEAN Joint declaration

Joint Ministerial Declaration on Future Economic Cooperation between the Association of Southeast Asian Nations (ASEAN) and the United Kingdom of Great Britain and Northern Ireland (UK).

DUBAI EXPO STARTS NEXT MONTH - AND IT'S NOT TOO LATE TO JOIN!

These are exciting times for Dubai and the UAE. With the entire business world’s attention soon to turn to the Emirates with the delayed Expo 2020 kicking off in October (and continuing all the way through to the end of March next year) it’s never been a better time to be a UAE business owner

UK Singapore joint statement on the launch of negotiations on a Digital Economy Agreement

Back to News

Joint statement from the UK and the Republic of Singapore on the launch of negotiations on a UK-Singapore Digital Economy Agreement.

  1. The UK and Singapore are pleased to announce the launch of negotiations on a UK-Singapore Digital Economy Agreement (DEA). Our two countries already share deep and historical ties, with multifaceted cooperation spanning diverse areas such as security and resilience, economy and trade, research and technology, and climate and sustainability. This was reaffirmed in our March 2021 Joint Statement on the Singapore-UK Partnership for the Future.

  2. The UK-Singapore DEA will further strengthen our close partnership and build on the momentum of the UK-Singapore Free Trade Agreement (FTA), which came into force in February this year, to address new and emerging issues in the fast-growing digital economy. Digitally-delivered services made up around 70% of UK-Singapore services trade in 2019.

  3. COVID-19 has accelerated the pace of digitalisation across the global economy as businesses and workers seek to address new challenges arising from the pandemic and take advantage of potential opportunities going forward. As forward-looking and digitally advanced economies, the UK and Singapore recognise that digitalisation and digital connectivity will underpin the next phase of growth and transformation for the global economy. The launch of negotiations on the DEA reaffirms our commitment to uphold open and connected economies, not just in traditional areas of goods, services and investment, but also in the flows of data and e-commerce.

  4. To that end, the DEA will be a model for global digital trade rules, allow our businesses and people to harness new opportunities in the digital economy and support a digital environment that safeguards consumers and businesses. For instance, the DEA will establish forward-looking rules to facilitate trusted cross-border data flows, prohibit unjustified data localisation, and maintain high standards of personal data protection. It will champion the role that digital technologies can play in facilitating trade, encourage interoperability in our digital systems, connect the thriving innovation ecosystems in the UK and Singapore, and explore the use of emerging and innovative technologies. In addition, the DEA will explore potential cooperation on innovative financial services, given the synergies between the UK and Singapore as financial hubs. To build trust and confidence for a secure and resilient digital economy, the DEA will also strengthen our cybersecurity cooperation.

  5. As the first digital economy agreement between Asian and European countries, there is an opportunity for the DEA to serve as a pathfinder for common frameworks, digital rules and standards between our regions. The DEA will also strengthen the linkages between the UK and Singapore and allow both countries to function as twin digital hubs in our respective regions. This will enable UK and Singaporean enterprises of all sizes, especially small and medium enterprises, to access a greater range of opportunities in our combined digital markets.

  6. The UK and Singapore hope that the DEA will also contribute to establishing global digital trade norms for a more open, connected and secure digital environment. We envisage that the agreement will add to and complement our continued cooperation on the digital economy at the WTO and other multilateral fora. This includes the WTO Joint Statement Initiative on E-Commerce.

  7. We look forward to expeditiously concluding the DEA as soon as possible, enabling our people and businesses to reap the full benefits of the digital economy.

Minister-in-charge of Trade Relations, Singapore, S Iswaran

Secretary of State for International Trade, United Kingdom, Elizabeth Truss

gov.uk

You are not logged in!

Please login or register to ask our experts a question.

Login now or register.