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

  • NY sisters inspired by Khmer heritage

    Growing up in Brooklyn, New York, Cambodian-American sisters Edo and Eyen Chorm have always felt a deep affinity for their Cambodian heritage and roots. When the pair launched their own EdoEyen namesake jewellery brand in June, 2020, they leaned heavily into designs inspired by ancient Khmer

  • Omicron patients can stay home: PM

    Prime Minister Hun Sen has given the green light for anyone who contracts the SARS-CoV-2 Omicron mutation or any other variant to convalesce or receive treatment at home or in any other reasonable non-healthcare setting. The new decision supersedes a restriction on home care for

  • Cambodia records first Omicron community case

    The Ministry of Health on January 9 reported 30 new Covid-19 cases, 29 of which were imported and all were confirmed to be the Omicron variant. The ministry also reported 11 recoveries and no new deaths. Earlier on January 9, the ministry also announced that it had detected the Kingdom's

  • The effects of the USD interest rate hike on Cambodian economy

    Experts weigh in on the effect of a potential interest rate expansion by the US Federal Reserve on a highly dollarised Cambodia Anticipation of the US Federal Reserve’s interest rate hike in March is putting developing economies on edge, a recent blog post by

  • Cambodia’s first ever anime festival kicks off Jan 22 at capital’s F3 centre

    Phnom Penh's first ever Anime Festival will bring together fans, artists, shops and other local businesses with ties to the Japanese animation style for cosplay competitions, online games, pop-up shops and more on January 22, with Friends Futures Factory (F3) hosting. F3 is a project that

  • PM eyes Myanmar peace troika

    Prime Minister Hun Sen has suggested that ASEAN member states establish a tripartite committee or diplomatic troika consisting of representatives from Cambodia, Brunei and Indonesia that would be tasked with mediating a ceasefire in Myanmar. The premier also requested that Nippon Foundation chairman Yohei Sasakawa