IT Pro is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Learn more

UK and Singapore align closer on digital trade

Three agreements have been signed which focus on facilitating digital trade, cyber security, and digital identities between the two nations

The UK and Singapore have signed agreements to bring the countries closer on digital trade, cyber security, and digital identities, which will underpin a Digital Economy Agreement which is currently being negotiated.

The two countries signed three Memoranda of Understanding (MOUs) on Monday to support opportunities to grow digital delivery of cross-border services, provide a basis for working closely with like-minded digital partners, and help set a global benchmark on high-standards digital cooperation, said the governments. They also revealed that in 2019, 70% of UK cross-border services exports to Singapore were digitally-delivered, equating to £3.2 billion. 

The first agreement focuses on digital trade facilitation, which aims to reduce barriers to digitally-led trade by encouraging businesses to use electronic invoicing. A pilot project will be established for the transfer of electronic bills of lading, the main commercial document of the shipment of goods, between the countries.

The second agreement aims to bolster the implementation of digital identity systems between different jurisdictions, hoping to reduce barriers in cross-border trade and enable businesses to use the international digital economy with more confidence and security, said the governments. It aims to develop mutual recognition and interoperability between the respective digital identity regimes.

Lastly, the third agreement focuses on cyber security and acknowledges the common interest between the two countries in addressing the international challenges of protecting the countries’ interests online, including a shared vision of maintaining the economic and social benefits of a free, open, peaceful, and secure cyberspace. The countries will collaborate in areas like the Internet of Things (IoT) security, promote cyber resilience, and capacity building.

Related Resource

The new remote work era

Trends in the distributed workforce

Man writes at a desk at his home Free download

“Singapore has been working with like-minded countries to advance a global digital architecture that is open, inclusive, interoperable, and secure,” said Josephine Teo, Singapore’s minister for Communications and Information and minister-in-charge of Smart Nation and Cybersecurity. “In this regard, I am pleased to sign these MOUs with a digitally-progressive partner like the United Kingdom, to further strengthen the links between Singapore and the UK in digital trade facilitation, digital identities, and cybersecurity.”

The three agreements are set to underpin the UK-Singapore Digital Economy Agreement, which is currently being negotiated and targeted for conclusion in the near term, that aims to enhance the trade relationship and boost digital trade for businesses.

Featured Resources

Accelerating AI modernisation with data infrastructure

Generate business value from your AI initiatives

Free Download

Recommendations for managing AI risks

Integrate your external AI tool findings into your broader security programs

Free Download

Modernise your legacy databases in the cloud

An introduction to cloud databases

Free Download

Powering through to innovation

IT agility drive digital transformation

Free Download

Recommended

Skills shortages expected to hit over 90% of Australian and New Zealand businesses
Careers & training

Skills shortages expected to hit over 90% of Australian and New Zealand businesses

28 Jun 2022
Why India wants to become a chipmaking powerhouse
components

Why India wants to become a chipmaking powerhouse

28 Jun 2022
Samsung fined $14 million over misleading water resistance claims across its Galaxy smartphones
Mobile Phones

Samsung fined $14 million over misleading water resistance claims across its Galaxy smartphones

23 Jun 2022
Toshiba eyes $22bn buyout offer in bid to go private
Business strategy

Toshiba eyes $22bn buyout offer in bid to go private

23 Jun 2022

Most Popular

FCC commissioner urges Apple and Google to remove TikTok from app stores
data protection

FCC commissioner urges Apple and Google to remove TikTok from app stores

29 Jun 2022
LockBit 2.0 ransomware disguised as PDFs distributed in email attacks
Security

LockBit 2.0 ransomware disguised as PDFs distributed in email attacks

27 Jun 2022
Former Uber security chief to face fraud charges over hack coverup
data breaches

Former Uber security chief to face fraud charges over hack coverup

29 Jun 2022