Technology Platgorm

The UK has signed a novel digital trade deal with Singapore.

The UK’s International Trade Secretary has travelled to Singapore to sign a groundbreaking digital trade deal that will reinforce trade ties.
The International Trade Secretary – Anne-Marie Trevelyan – today joined Singapore’s Minister-in-charge of Trade Relations – S. Iswaran – to sign a new digital trade deal, known as the UK-Singapore Digital Economy Agreement (DEA). It is hoped that this will assist businesses in taking advantage of novel opportunities and lay the ground rules for modern global trade.

Supporting business growth
According to the UK government, the DEA is the most innovative trade agreement ever signed, and the first by a European nation. It will reinforce our trading relationship with Singapore – worth £16bn in 2020 – by putting an end to obsolete rules that impact both goods and services exporters, making it simpler for UK business to target new opportunities in both Singapore and the wider region.

This exciting digital trade deal links two of the most dynamic hi-tech and services hubs in the world and will exploit on the UK’s position as the world’s second-largest services exporter. Currently, a substantial third of our exports to Singapore are digitally delivered, such as those in finance, advertising and engineering. This deal is to lead to novel opportunities to develop modern services and assist in the ‘levelling up’ of the country.

On its own, the digital sector contributes a staggering £151bn the economy and also boasts significant 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.

As well as this, the deal will cut red tape for goods exporters, streamlining cumbersome border processes and replacing time-consuming and costly paperwork with e-signatures and e-contracts.