London, United Kingdom (CU)_ The UK government has reached an agreement with Singapore on a digital trade pact that it claims would lower costs, reduce red tape, and open the way for a new age of commercial dealings between the two countries. After a six-month negotiating phase, the Digital Economy Agreement (DEA) was reached in principle last week. The agreement was reached taking into account the government’s estimate that UK firms exported £16 billion worth of products and services to Singapore last year, and one-third of those were provided digitally. Finance is one of the major areas for trade.
According to Anne-Marie Trevelyan, international trade secretary, the objective of the deal was to update the trade laws for the digital era. She said, “The deal was essential because digital trade is creating a new global economy [that] it is still largely governed by old-fashioned rules that pre-date the digital revolution of the past 20 years”. She added, “The government is looking to update these rules for the digital age”.
According to Julian David, senior executive of trade association techUK, the Digital Economy Act was essential to upgrade the tech industry. He said, “The DEA was significant for the tech industry due to Singapore’s long-standing status as one of the most innovative countries in digital trade policy”. He added, “This is exciting news for the tech sector and the broader services economy and techUK looks forward to helping bring this agreement to life”.
Iain Stewart, Scotland’s Office minister, lauded the pact as especially crucial for the country, claiming that it will open the door for future international collaboration for Scotland’s IT industries. He spoke about the blooming tech market in Scotland. He said, “With 140 fintech companies based in Scotland and tech roles in Glasgow and Edinburgh increasing by more than a quarter in the past two years, our digital sector is flourishing. He added, “This progressive deal will enable our world-class tech industry to export to a new market and encourage international collaboration, all while helping tackle cyberthreats and keep personal data safe.”
