The UK and Singaporean Governments have today [9 December 2021] announced the agreement in principle of a UK-Singapore Digital Economy Agreement (DEA)

The agreement is the first digitally-focused trade agreement ever signed by a European nation. It aims to provide better data flows, stronger cybersecurity and closer links between two hi-tech and services hubs. It will also streamline border processes, with time-consuming and costly paperwork replaced with e-signatures, e-contracts and electronic payments.

Reacting to the announcement, City of London Corporation Policy Chair Catherine McGuinness said:

“This exciting agreement once again underlines our credentials as a global leader in digital trade and will strengthen partnership with Singapore on this vital agenda.

“With 70 percent of trade in services between the UK and Singapore digitally delivered, the DEA will address a number of important issues for City firms, including data flows, identification processes and cyber security.

“While we await further details on how these provisions will work for firms practically, we also look forward to seeing similar agreements announced in 2022 with our partners and friends across the world.”

The City of London Corporation has a longstanding programme of engagement with Singapore, and the country is visited annually by the Lord Mayor of the City of London. In 2019, the City Corporation and Monetary Authority of Singapore (MAS) signed a Memorandum of Understanding to deepen exchanges and collaboration in financial services, boosting cooperation in a number of areas including financial data sharing, Know-Your-Client (KYC) processes, skills and training and green finance.

ENDS

Notes to editors

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk