Digital Economy Agreement Struck Between Singapore and the UK
Both countries have come to an agreement in an effort to boost digital trade and data flow between them.
A new agreement has been struck between Singapore and the UK. The agreement is the UK-Singapore Digital Economy Agreement (UKSDEA).
The agreement was made to help boost the flow of data and digital trade between the two countries. It came into effect from 14 June 2022. This deal will give businesses in Singapore the opportunity to enhance their digital economy.
New Business Opportunities On the Digital Horizon
New business opportunities are on the horizon as both Singapore and the UK stand to benefit from this new agreement. Among the advantages in place will be safer end-to-end digital trade, paperless trading, and greater security when it comes to e-payments. Data flow is also set to become more seamless and trustworthy.
Consumers will be able to make their cross-border payments and transactions with peace of mind. That is because the digital economy agreement will provide a lot more online protection. Three memorandums of understanding (MOUs) were signed between the two countries.
The MOUs include digital identity cooperation, digital trade facilitation, and cybersecurity. By digitalising trade, businesses will incur less cost and less carbon footprint in trade. Small and Medium Enterprises (SMEs) will gain improved access where cross-border trade is concerned.
A Digital Economy Agreement That Is Mutually Beneficial
The MOUs aim to foster interoperability and mutual recognition between Singapore and UK’s digital identity regimes. The cybersecurity memorandum, on the other hand, sheds light on the shared interest between both countries in addressing the challenges that come with international trade. The cybersecurity MOU will also promote bilateral collaboration where both countries will work together to enhance their cyber security measures.
Singapore and the UK already have an existing cyber cooperation understanding between them. With the introduction of the new agreement and MOUs, capacity building and cyber resilience will only become stronger.
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