Singapore, UK conclude negotiations on digital economy deal
Singapore and the UK have basically concluded negotiations on the UK-Singapore Digital Economy Agreement (UKSDEA), which began in June this year, according to the Singaporean Ministry of Trade and Industry.
Singapore (VNA) - Singapore and the UK have basically concluded negotiations on the UK-Singapore Digital EconomyAgreement (UKSDEA), which began in June this year, according to the Singaporean Ministry of Trade and Industry.
Singaporean Minister-in-charge of Trade Relations S Iswaran and UK Secretary of State for International Trade Anne-Marie Trevelyan jointly announced the conclusion onDecember 9 following their in-person meeting in London, during Iswaran’s visitto the UK.
Iswaran was quoted by the Singaporean Ministry of Trade and Industry as saying that the UKSDEA builds upon and, in some areas, goes further than the two countries' existing agreements. "It will set a global benchmark for high-standarddigital trade rules, and benefit people and businesses in our two countries,” he said.
The UKSDEA is Singapore’s third of its kind, following theDigital Economy Partnership Agreement with Chile and New Zealand, and the Singapore-AustraliaDEA. The deal includes binding disciplines on cornerstones of the digital economy,such as data, as well as cooperative elements in a wide range of emerging andinnovative areas such as Artificial Intelligence, fintech and regtech, digitalidentities and legal technology.
To date, the two countries have signed three MOUs in Digital Trade Facilitation, Digital Identities, andCyber Security./.
Singaporean Minister for Trade and Industry Chan Chun Sing and UK Secretary of State for International Trade Elizabeth Truss signed a bilateral free trade agreement on December 10.
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Illustrative image (Photo: UK Investor) 
