A European first: UK cuts technology trade deal with Singapore
The UK has cut a technology-focussed deal with Singapore which looks to deepen trade ties with the Asian city-state.
The Digital Economy Agreement seeks to play on the UK’s strength as a services exporter and will likely help London to continue muscling out continental rivals as the most technologically advanced city in Europe.
International trade secretary Anne-Marie Trevelyan said: “This cutting-edge agreement with Singapore links two of the world’s most dynamic hi-tech hubs and plays to our strengths as pioneers in digital trade.”
It is the first digitally focused trade deal to come out of Europe and is expected to bolster the already £16bn trade relationship with Singapore.
A third of the UK’s exports to Singapore are already delivered via digital routes, while service giants like Standard Chartered and BT are set to capitalise most on the agreement.
Canada Chair Catherine McGuinness said that the deal underlines the capital’s “credentials as a global leader in digital trade and will strengthen partnership with Singapore” on the ever-growing technology industry.
“While we await further details on how these provisions will work for firms practically, we also look forward to seeing similar agreements announced in 2022 with our partners and friends across the world,” McGuinness added.