NEWS - FROM THE UK
UK and Singapore sign new innovative digital trade deal , the Digital Economy Agreement ( DEA )
The International Trade Secretary on 25 February joined her counterpart in Singapore to sign a trade deal that will help businesses seize new opportunities and lay the ground rules for modern global trade .
Secretary of State Anne-Marie Trevelyan signed the UK-Singapore Digital Economy Agreement ( DEA ) alongside Singapore ’ s Minister-in-charge of Trade Relations , S . Iswaran , on the final day of her Asia-Pacific tour , following visits to Indonesia and Japan .
The DEA is the most innovative trade agreement ever signed , and the first by a European nation . It will strengthen our trading relationship with Singapore – worth £ 16 billion in 2020 – by ending outdated rules that affect both goods and services exporters , making it easier for UK business to target new opportunities in both Singapore and the wider region .
The deal links two of the world ’ s most dynamic hi-tech and services hubs and will capitalise on the UK ’ s strength as the world ’ s second-largest services exporter . A third of our exports to Singapore are already digitally delivered , including in finance , advertising and engineering , and this deal will create new opportunities to expand modern services and help level up the country .
The digital sector alone adds £ 151 billion to the economy and lifts wages , with workers earning around 50 % more than the UK average . UK services companies already operating in Singapore are well placed to take advantage of the deal , including financial giants , telecoms firms or software companies .
The deal will also cut red tape for goods exporters , streamlining cumbersome border processes and replacing time-consuming and costly paperwork with e-signatures and e-contracts .
For more information on how the DEA will benefit UK businesses , click to read the summary below .
What is the UK-Singapore Digital Economy Agreement ?
The UK-Singapore Digital Economy Agreement ( the ‘ DEA ’) is an arrangement between the UK and Singapore , establishing rules and collaboration on digital trade and the digital economy . It includes obligations on key aspects of the digital economy such as data , artificial intelligence , financial services , digital identities , and legal technology .
The UKSDEA will :
01 02 03
Facilitate seamless end-to-end digital trade
Enable trusted data flows
Build trust in digital systems between the UK and Singapore