The UK has secured an agreement in principle on a Digital Economy Agreement (DEA) with Singapore. The agreement is the first digitally-focussed trade agreement signed by a European nation and was agreed after only six months of negotiations. Likely benefits to result from the agreement include better data flows and stronger cybersecurity.
The related press release notes that one third of UK exports to Singapore are already digitally delivered and that the deal will create new opportunities to expand digital trade. In addition, goods exporters will benefit from the streamlining of cumbersome border processes due to the ability to confidently replace paperwork with e-contracts and e-signatures.
The DEA will also support the UK’s aspiration of joining Singapore in the Trans-Pacific Partnership (CPTPP), which would allow access to an £8.4 trillion free trade area.
HM Treasury has published a summary of the DEA which sets out the main elements of the agreement and key impacts for UK businesses.