S'pore, UK agree on digital trade deal that will cut cost and red tape for businesses

S'pore, UK agree on digital trade deal that will cut cost and red tape for businesses

SINGAPORE – A new digital-trade deal signed with Britain on Thursday (Dec 9) will mean Singaporeans can soon enjoy cheaper goods and services from the United Kingdom.

The UK-Singapore Digital Economy Agreement, which will come into force early next year, is Britain’s first digital agreement and the first between an Asian and a European country.

The pact will boost existing digital trade between Singapore and Britain and provide new areas of partnerships for businesses on both sides, ultimately ensuring their consumers get better served.

Singapore is Britain’s largest trade and investment partner in South-east Asia while the UK is one of Singapore’s top investment destinations in Europe.

The new deal’s key thrustsinclude advancing end-to-end digital trade, enabling trusted data flows and facilitating a secure digital environment to promote broader participation in the digital economy of the two countries.

Mr S Iswaran, the Minister-in-charge of Trade Relations, said in London that the pact builds upon and, in some areas, goes further than existing agreements: “It will set a global benchmark for high-standard digital trade rules, and benefit people and businesses in our two countries.”

Negotiations started in June for the deal, which will build on the existing UK-Singapore free trade agreement signed last December that came into force in February.

That deal covers a thriving trade relationship worth over £17 billion (S$30.6 billion). In 2019, bilateral services trade exceeded $22 billion, of which around 70 per cent could have been digitally delivered.

Ms Anne-Marie Trevelyan, Britain’s Secretary of State for International Trade, said in London on Thursday said: “This cutting-edge agreement with Singapore links two of the world’s most dynamic hi-tech hubs and plays to our strengths as pioneers in digital trade.

“Negotiated in just six months, it is the first digital trade deal ever signed by a European nation and will slash red tape, cut costs and support well-paid jobs across the whole UK.”

Ms Kara Owen, the British high commissioner to Singapore, said the pact aims to fundamentally change the existing trading system, which is very old and involves moving huge amounts of paper around the world.

“This is all about using trusted electronic means to speed up trade and make it cheaper,” she told The Straits Times.

Ms Owen said goods will be able to move quicker and cheaper: “That will definitely benefit the end consumer.”

Singapore has concluded similar digital economy deals: a partnership agreement with Chile and New Zealand, and the Singapore-Australia Digital Economy Agreement.

It is also in talks with South Korea on a deal.

Britain and Singapore have also signed three memorandum of understanding in digital trade facilitation, digital identities and cyber security. These aim to make transactions easier, safer and cheaper and so boost businesses in both countries.

News Related

OTHER NEWS

India likely to go back to real GDP growth trend of 6.5% with these three drivers of economy firing: Aditya Birla Sun Life AMC's CIO

GDP Growth, Economy Mahesh Patil, CIO, Aditya Birla Sun Life AMC In 2021, global equity markets attained new all-time highs driven by strong corporate earnings growth even in the face ... Read more »

Mercedes-Benz to recall 1,082 cars in Russia - watchdog

The reason is the possible impairment of function of the front passenger’s airbag Read more »

Nord Stream 2 halt may lead to gas price growth in Europe — expert

At the same time, Dmitry Marinchenko expects that new sanction rhetoric is nevertheless viewed "as a preventive measure" Read more »

OECD leading index for Korea drops for 5th month in December

gettyimagebank A leading economic index for Korea fell for the fifth consecutive month in December, pointing to a slowdown in Asia’s No. 4 economy down the road, data showed Thursday.The ... Read more »

Korea proposes W14 tril. extra budget to support pandemic-hit merchants

Prime Minister Kim Boo-kyum, right, speaks during an extraordinary Cabinet meeting at the Government Complex in Seoul, Jan. 21, to endorse a supplementary budget plan aimed at helping small businesses ... Read more »

Gov't to increase beef, pork supplies ahead of Lunar New Year holiday to tame inflation

gettyimagesbank The government plans to increase the supply of beef and pork by around 50 percent year-on-year ahead of the Lunar New Year holiday in an effort to help stabilize ... Read more »

External risks weigh on Korea's economic recovery

Electronic signboards in a Hana Bank dealing room in Seoul show intra-day trading of the benchmark KOSPI, the won-dollar exchange rate and the tech-heavy KOSDAQ, Friday. Yonhap US, China factors ... Read more »

India Ratings projects economy to grow at 7.6% in FY23

Representational image. India Ratings and Research on Thursday said the country’s economy is likely to grow at 7.6 per cent year-on-year in 2022-23. The agency said after a gap of ... Read more »

Fuel prices on January 21: Petrol, diesel prices today in Mumbai, Delhi, other cities

In Mumbai, a November 4 cut reduced the price of petrol to Rs 109.98 a litre, which remains unchanged. Diesel is at Rs 94.14 a litre (Representative image) Petrol and ... Read more »

Moneycontrol Pro Panorama | Is Omicron losing its sting? 

Omicron | Representative image Dear Reader, The Panorama newsletter is sent to Moneycontrol Pro subscribers on market days. It offers easy access to stories published on Moneycontrol Pro and gives ... Read more »

Budget 2022 must continue to provide an impetus to domestic market

Finance Minister Nirmala Sitharaman (file image) With the ongoing COVID-19 third wave, all efforts are on to prevent the economy from falling back into a calamitous slump similar to the ... Read more »

Hybrid learning here to stay as students, educators bat for blended education: HP India survey

The pandemic has turned homes into classrooms. (Image: Reuters) Even when traditional classroom learning resumes, there is a strong possibility of blended learning to continue as educators, parents and students ... Read more »

Non-residents will now have to pay in foreign currency for services in Sri Lanka: Central bank

Economy (Representational image) Tourists travelling to Sri Lanka will now have to pay for their goods and services in foreign currency, the Central Bank announced on Thursday, as part of ... Read more »

India poised for solid growth in 2022, bets top fund manager Prashant Jain

Image credit: Suneesh K “Every storm runs out of rain just like every dark night turns into day” — that’s the optimism exuberated by Prashant Jain, Executive Director and Chief ... Read more »

ReNew Power pairs up with US's Fluence over energy storage

Sumant Sinha, Chairman and CEO, ReNew Power Nasdaq-listed ReNew Power has entered into an agreement with US energy storage major Fluence to form a 50:50 joint venture in India, the ... Read more »

Retail inflation for farm, rural workers rise to 4.78%, 5.03% in December

Representative image: Reuters Retail inflation for farm and rural workers rose to 4.78 percent and 5.03 percent respectively in December 2021, mainly due to higher price of certain food items, ... Read more »

FDI flows to India slip 26% in 2021: UN report

Foreign Direct Investment (FDI) flows to India in 2021 were 26 per cent lower, mainly because large M&A deals recorded in 2020 were not repeated, the UN trade body has ... Read more »

Budget 2022: India set for modest fiscal consolidation amid slow economic recovery

FM Nirmala Sitharaman. | PC-Moneycontrol After Budget 2020 was blown apart in a couple of months by the onset of the coronavirus pandemic, Finance Minister Nirmala Sitharaman was fully prepared ... Read more »

Agri exports likely to cross $50 billion this fiscal: Commerce Ministry

The country’s exports of agricultural products, including marine and plantation goods, increased 23.21 per cent to USD 31.05 billion in April-November 2021 and is expected to cross USD 50 billion ... Read more »

Budget 2022 | Support to real estate sector will positively impact entire economy

The year 2022 is dubbed as a year of opportunity for the real estate industry. As per estimates, the economy is expected to grow steadily at 8-9 percent, stimulating demand ... Read more »

Finance Ministry releases Rs 47,541 crore as advance instalment of tax devolution to states

FM Nirmala Sitharaman. | PC-Moneycontrol The Union Finance Ministry on January 20 released Rs 47,541 crore as advance instalment of tax devolution to states. With this, the total advance instalment ... Read more »

November sees 8.28 lakh additions to formal work, beats October score: EPFO Payroll

Representative Image (Source: ShutterStock) At least 8,27, 979 people joined formal work for the first time in November, showing a marginal uptick in the formal sector job creation over the ... Read more »

India aiming at $500 billion exports for FY23: DGFT official

Representational Image. Source: Reuters India has set up a target of $500 billion exports for the 2022-23 fiscal, a top government official said on Friday, contending that the COVID-19 pandemic ... Read more »

Moldova's Prime Minister calls Gazprom's demand to pay off debt ‘unfriendly move'

According to Natalia Gavrilita, Gazprom could "find a commercial solution" Read more »

EU complaints against Russian lumber export restrictions not justified — Economy Ministry

Russian representatives "intend to give exhaustive clarifications in respect of applied measures" within the framework of consultations on the WTO floor, the ministry’s press service said Read more »

Google facing new fine for refusal to remove data prohibited in Russia — Court

Since early 2021, Google was repeatedly fined for failure to remove information prohibited in Russia Read more »

More people place hopes on lottery tickets as pandemic drags on

By Lee Kyung-min Kim Sun-jin, 20, has been buying a lottery ticket each month, ever since she was let go from her part-time job at an eatery in Seoul in ... Read more »

Bitcoin prices tumble 9.6%

On January 20, the Bank of Russia informed about plans to ban issuing, mining and circulation of cryptocurrencies on the territory of Russia Read more »

Denunciation of tax convention with Switzerland not expected — official

In 2020, the Russian president ordered to impose the 15% tax on income in the form of dividends and interest transferred to accounts overseas Read more »

Nord Stream 2 AG endeavors to comply with EU rules

The company made no comment on potential consequences of possible new sanction efforts of the US Read more »

Uniper expects completion of Nord Stream 2 certification in summer 2022

Construction of the gas pipeline ended in last September Read more »

Gas price in Europe hovering around $900 per 1,000 cubic meters

The total increase in the gas price since the trading opening has reached around 3% Read more »

Burger King Japan announces discounted price for popular Whopper burgers

Photo by: Burger King Japan Burger King Japan has launched a new promotion, and it will be running for a limited time only. Customers can get two Whopper burgers for ... Read more »

(LEAD) Lotte acquires Ministop's S. Korean operations

(ATTN: UPDATES with details in 4th para) SEOUL, Jan. 21 (Yonhap) — Lotte Corp., the holding company of South Korean retail giant Lotte Group, said Friday it has acquired an ... Read more »

Novosibirsk scientists plan to install seismic stations on Arctic ice

A new long-term expedition on a unique vessel - the North Pole ice-resistant platform - is due to begin in 2022 Read more »

Yakutia's authorities: Arctic development strategy will improve Northern supplies system

The national plan includes the construction and reconstruction of regional, inter-regional automobile roads Read more »

Lotte acquires Ministop's S. Korean operations

SEOUL, Jan. 21 (Yonhap) — Lotte Corp., the holding company of South Korean retail giant Lotte Group, said Friday it has acquired an entire stake of Ministop Korea Co. for ... Read more »

S. Korea to raise supply of beef, pork ahead of holiday to tame inflation

SEOUL, Jan. 21 (Yonhap) — South Korea plans to increase the supply of beef and pork by around 50 percent on-year ahead of the Lunar New Year holiday in an ... Read more »

Dollar climbs to 76.72 rubles on the Moscow Exchange

The euro rose by 17 kopecks to 86.88 rubles Read more »

MOEX index down 3.38% at trade start

By 07:05 it decreased to 3,397.13 points Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic