UK and Singapore clinch 'innovative ' digital trade deal

The UK and Singapore have agreed what has been described as “the most innovative trade agreement ever signed ”.

The government says the UK-Singapore Digital Economy Agreement (DEA) will strengthen the two nations ' trading relationship - worth £16 billion in 2020 - and will capitalise on the UK 's strength as the world 's second-largest services exporter.

In the first three quarters of 2021, trade between Singapore and the West Midlands was worth more than £240 million, of which nearly £80 million was the export of machinery and transport equipment from the region to Singapore.

A third of the UK 's exports to Singapore are already digitally delivered, including in finance, advertising and engineering.

The UK and Singapore also agreed to revitalise the existing FinTech Bridge, a move that will support innovative financial services and strengthen cooperation on emerging technologies.

Mandy Haque (pictured), international director at Greater Birmingham Chambers of Commerce, said: “The new UK-Singapore Digital Economy Agreement presents an incredibly exciting trade opportunity for businesses across the West Midlands who are keen to scale their services and innovative technologies to Indo-Pacific markets.

“Businesses in the Greater Birmingham area already trading in Singapore will be very well placed to take advantage of this deal, which is the first of its kind in Europe.

“This is another key milestone in the UK 's journey to joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, in which Singapore plays a fundamental part, and we look forward to helping businesses capitalise upon this deal. ”

The British Chamber of Commerce Singapore said: “The news of the UK Singapore Digital Economy Agreement is an exciting development for both countries.

“It should provide opportunities for businesses to develop their digital trade further, to enable faster and cheaper transactions, enhance trusted data flows and provide a secure digital environment to promote participation in the digital economy.

“The British Chamber of Commerce Singapore looks forward to supporting businesses by ensuring we create dialogues across sectors to support the development of the digital economy. ”