On 25 February 2022, Singapore and the United Kingdom signed the UK-Singapore Digital Economy Agreement (UKSDEA), making it the first digital-centric trade agreement signed by a European country.
For Singapore, the UK is the fourth city-state digital economy agreement (DEA). The other discussed DEAs are:
Furthermore, the agreement provides a gateway for the United Kingdom to join Singapore in the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP), one of the largest free trade areas in the world, accounting for 13 percent of global GDP, or approximately the United States. .5 13.5 trillion.
Singapore and the United Kingdom will promote and simplify the rules for developing a secure and secure e-payment system. These include encouraging businesses to use the Application Programming Interface (API) and adopting internationally recognized standards.
Through UKSDEA, Singapore and the UK may receive electronic versions of administrative trade documents, such as invoices and bills of lading. This will enable faster and cheaper transactions, reduce costs for businesses and help facilitate cross-border digitization of the supply chain.
Businesses in Singapore and the UK can transfer information more seamlessly under the UKSDEA, even with information held by financial institutions.
Singapore and the United Kingdom will take action against the need for data localization and allow businesses to choose where to store their data.
Singapore and the United Kingdom will ensure access to, maintenance, repair and risk reduction of submarine cable systems, an important part of the digital infrastructure that provides connectivity between countries and regions.
Both countries will ensure that government information is available to the public in a readable format and in an easy-to-use API. Both governments hope that this will remove the barriers to SME participation in the digital economy.
This article was first published by AseanBriefing which is produced by Dejan Veins & Associates. The company supports foreign investors across Asia from the office Around the worldIncluding China, Hong Kong, Vietnam, Singapore, IndiaAnd Russia. Readers can write [email protected]