Businesses and consumers can look forward to the signing of the UK-Singapore Digital Economy Agreement, which sets out rules for reliable cross-border data flows and high data protection standards.
The Ministry of Commerce and Industry, the Ministry of Communications and Information, and the Media Information Technology Development Agency announced the start of negotiations between the Republic and the United Kingdom in a joint statement.
Isvalan, who also serves as the Minister of Transportation, said in a statement that despite the challenges of the Covid19 pandemic, the digital economy is a ray of hope and it remains resilient. He added that the agreement will build on the UK-Singapore Free Trade Agreement signed in December last year and will encourage the development of reliable, robust and interconnected digital markets for individuals and businesses.
This is the first agreement on the digital economy between Asian and European countries. It will also improve the digital connections between the two regions and enable companies to use Singapore and the United Kingdom as digital gateways to open up new opportunities in Asia and Europe.
The two parties discussed the agreement at least last year.
The joint statement stated that businesses of all sizes will benefit from the greater clarity and lower costs associated with seamless digital transactions. The statement added that companies and consumers are welcome to comment on the content of the agreement.
So far, Singapore has signed two agreements on the digital economy.
Another agreement was negotiated with South Korea in June last year.
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