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Anne-Marie Trevelyan, the British Trade Secretary, has secured a digitally-focused trade deal with Singapore. The Digital Economy Agreement (DEA) has been described by the Government as the “world’s most comprehensive digital trade deal” with the Asian country. After six months of negotiations, it is to bring opportunities for growth to UK firms that wish to target advanced, tech-savvy and rapidly-expanding Asian markets.
The UK’s trading relationship with Singapore was worth £16 billion in 2020. The DEA is set to take this “to the next level” by paving the way for the chance to expand digital trade.
Ms Trevelyan 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.
“Digital trade is creating a new global economy, but it is still largely governed by old-fashioned rules that pre-date the digital revolution of the past 20 years.
“We’re using our independent trade policy to strike ground-breaking agreements that update these rules for the digital age and connect UK businesses to the biggest and fastest growing markets in the world.”
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