Logo of Phnom Penh Post newspaper Phnom Penh Post - Singapore, UK launch talks for digital economy deal

Singapore, UK launch talks for digital economy deal

Content image - Phnom Penh Post
The digital economy agreement will be the first between an Asian and a European country. THE STRAITS TIMES

Singapore, UK launch talks for digital economy deal

Businesses and consumers can look forward to a UK-Singapore Digital Economy Agreement that will establish rules to enable trusted cross-border data flows and ensure high standards in data protection.

The launch of negotiations between the UK and Singapore was announced in a joint statement by the Singaporean ministries of Trade and Industry; and Communications and Information, and Infocomm Media Development Authority.

A videoconference between Singaporean Minister-in-charge of Trade Relations S Iswaran and British Secretary of State for International Trade Elizabeth Truss was scheduled for June 28.

Iswaran, who is also Singapore’s transport minister, said in a statement that the digital economy is a bright spot that has remained resilient despite the challenges of the Covid-19 pandemic.

“It is a catalyst for economic growth and the transformation of enterprises … I am pleased that Singapore is enhancing our network of digital economy agreements with a like-minded and digitally progressive partner like the UK.”

He added that the agreement will build on the momentum of the UK-Singapore Free Trade Agreement signed in December, and promote trusted, robust and connected digital markets for people and businesses.

As the first digital economy agreement between an Asian and a European country, it will “also enhance our region-to-region digital connectivity, enabling businesses to use Singapore and the UK as digital gateways to access new opportunities in Asia and Europe”.

The agreement has been a subject of discussion between both sides since at least last year.

In February last year, British foreign secretary Dominic Raab met his counterpart Vivian Balakrishnan in Singapore, where they discussed ways to boost cooperation, including the digital economy.

In another visit to Singapore on June 24, Raab said he hoped to quickly conclude ongoing talks for the agreement, with both countries being global leaders in the digital economy arena.

The joint statement said businesses of all sizes stand to benefit from the increased clarity and reduced costs associated with seamless digital transactions.

The agreement “also seeks to leverage Singapore’s and the UK’s strengths as innovation and financial hubs in our respective regions … We aim to explore cooperation to connect our technology ecosystems, and open up opportunities for start-ups”.

The statement added that feedback from businesses and consumers on what to include in the agreement is welcome.

Singapore has so far finalised two digital economy agreements.

One with Chile and New Zealand was signed in June last year. The other agreement with Australia was inked two months later.

Negotiations on another agreement started with South Korea last June.

THE STRAITS TIMES (SINGAPORE)/ASIA NEWS NETWORK

MOST VIEWED

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro

  • ACLEDA, WU to enable global money transfers

    Cambodia's largest commercial bank by total assets ACLEDA Bank Plc and global money transfer firm Western Union (WU) have partnered to offer customers cross-border money transfers to 200 countries via “ACLEDA mobile” app. In Channy, president and group managing director of ACLEDA, said the June 22 agreement

  • Cambodia detects new Covid cases after 52 days: PM

    After 52 days of zero new Covid-19 cases, Cambodia has now detected new infections, according to Prime Minister Hun Sen. In his special audio address to the nation late on June 28, Hun Sen said the new cases were detected on people who had undergone PCR tests

  • Gold-covered boundary stone found within Angkor Thom’s West Gate

    The Apsara National Authority (ANA) announced that their working group in charge of restoration work at Angkor Thom's Takav Gate or the West Gate recently found an ancient stone slab commonly known as a boundary stone. The boundary stone is 53 cm by 53 cm and 12 cm

  • Higher education leaders tour US

    With support from the US Department of State, 10 Cambodian leaders in higher education participated in the 10-day International Visitors Leadership Programme (IVLP) in three US states from June 19 to July 1. They included nine university rectors and directors of higher education institutions who are members of