Singapore talks

UK kickstarts Europe’s first digital economy agreement


Singapore is a key digital market

The UK is the first European country to begin talks on a digital economy agreement (DEA) as it launches negotiations with Singapore.

More than two-thirds (70%) of UK services – including financial and legal services to music streaming and e-books – were digitally delivered to Singapore in 2019, worth £3.2 billion.

The DEA would remove barriers and open further opportunities for British businesses to deliver their services through digital trade. 

International Trade Secretary Liz Truss and the Singaporean Minister S Iswaran will meet by video call on Monday to kickstart talks. 

Liz Truss: ‘we are becoming more flexible and nimble

A DEA would help cut red tape and ensure companies can trade more efficiently through digital technology such as electronic transactions, e-signatures and e-contracts.  

The launch is part of the government’s strategy to place the UK at the centre of a network of free trade agreements and enhance its status as a global hub for services and digital trade.  

Ms 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.  

Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.