UK and Singapore launch talks on 'cutting-edge' digital trade agreement

The UK and Singapore will negotiate a deal on a new digital trade agreement that could remove barriers on Monday. Ever since Brexit, Britain has been pulling all stops to forge new trade agreements, including trans-Atlantic pacts with the US and Canada. London has also increased its focus on the Indo-Pacific region. Earlier this month, the country inked a free trade agreement with Australia with targets set on the Agriculture sector. 

Meanwhile, Downing Street is also pushing to become what it calls a "global tech powerhouse.” If London successfully cracks a deal with Singapore, it will support British tech companies in capitalizing on investment opportunities abroad and indirectly aid UK’s post-COVID recovery. According to the UK government, the agreement with Singapore could remove barriers to digital trade and enable British exporters to expand high tech markets. It would also make the UK,  the first country in Europe to crack a deal of this kind. 

" A cutting-edge deal with Singapore will keep us at the forefront of the technological revolution, ensuring we lead the way in digitally delivered trade and industries like fintech and cybersecurity. The UK will be the first European country to ever negotiate a Digital Economy Agreement, which shows what we can do as a sovereign trading nation," Liz Truss, who is Secretary of State for International Trade and President of the Board of Trade, said in a statement.

Aus-UK deal

UK and Australia on June 15 agreed to Britain’s first major post-Brexit free trade deal, announced British Prime Minister Boris Johnson’s office adding that they plan to “intensify cooperation on security, climate change and science and tech.” Johnson said that the deal “marks a new dawn in the UK's relationship with Australia, underpinned by... shared history and common values.” The UK government said in a statement that the deal eliminates tariffs on all UK goods “in the first major trade deal negotiated from scratch" since the country left the European Union.”

“This is global Britain at its best -- looking outwards and striking deals that deepen our alliances and help ensure every part of the country builds back better from the pandemic,” said UK PM. 

IMAGE: AP