Out-Law News | 03 Dec 2021 | 1:38 am | 1 min. read
Singapore and the UK have signed three deals on digital trade and cyber security.
Under the first deal, Singapore and the UK will share knowledge and implementation of pilot projects aimed at digitizing trade, such as electronic trade documents and invoicing. These projects will help with the adoption of digital trade solutions at bilateral and international levels, according to a statement of Singapore’s ministry of communications and information (MCI).
Singapore and the UK aim to develop mutual recognition of digital identity verification regimes between the two under the second deal. This could again reduce barriers to cross-border trade by speeding up identity verification and making this more reliable.
Under the third deal, which is based on existing cooperation on cyber security, the two countries will look to collaborate in areas including the internet of things (IoT) security, promoting cyber resilience and capacity building. The two aim to build a “secure and resilient” cyberspace for businesses and consumers.
Nicholas Hanna of Pinsent Masons MPillay, the Singapore joint law venture between MPillay and Pinsent Masons, said: “Digital trade is becoming increasingly more important now than ever before as it gets intertwined with the expansion of the global internet. Not only is the world more interconnected than before, the economics of doing business across borders has also driven the demand for emerging economies to step up their digital capabilities in order to maximize the opportunities that globalization brings. The collaboration with UK will benefit both nations as it creates new openings and opportunities for both countries to carve out mutually profitable roles in the global economy and accelerate growth between the two like-minded nations.”
The deals will support the shared goals and key principles of the UK-Singapore Digital Economy Agreement (UKSDEA), negotiations on which are ongoing and aim to be completed shortly. The two countries started the negotiation on UKSDEA in July, which is considered as the first agreement of its kind between an Asian and a European country.
13 Jul 2021