SG-UK digital economy deal negotiations underway
It is aimed at providing a seamless digital trade and business between the two countries.
Singapore and the United Kingdom has started negotiations on the UK-Singapore Digital Economy Agreement (UKSDEA), top trade officials said.
“As the first DEA between an Asian and a European country, the UKSDEA will also enhance region-to-region digital connectivity, enabling businesses to use Singapore and the UK as digital gateways to access new opportunities in Asia and Europe,” Minister-in-charge of Trade Relations S Iswaran said in a statement.
The announcement was made by Iswaran and UK Secretary of State for International Trade Elizabeth Truss in a video conference.
The DEA is the combined effort of the Ministry of Trade and Industry, Ministry of Communications and Information, and the Infocomm Media Development Authority.
It is intended to facilitate digital trade and open up new opportunities in Singapore, the UK as well as their respective regions. The agreement will include the establishment of rules that will enable trusted cross-border data flows, prohibit data localisation, and ensure high standards in data protection.
It will also facilitate seamless digital trade and business through interoperable digital systems, connect the thriving innovation ecosystems in the UK and Singapore, and explore the use of emerging and innovative technologies such as Artificial Intelligence (AI).
Moreover, the pact will also cover initiatives that will ensure cybersecurity cooperation amidst ongoing threats of cyberattacks.
The UKSDEA is expected to benefit businesses of all sizes stand through the increased clarity and reduced transaction costs associated with seamless digital transactions.