Digital Economy Agreements (DEAs)
United Kingdom-Singapore Digital Economy Agreement (UKSDEA)
The UKSDEA establishes high-standard rules to promote end-to-end digital trade between Singapore and the UK, and provides greater legal certainty and clarity for businesses by enabling the open and secure flow of data across borders.
About the UK-Singapore Digital Economy Agreement (UKSDEA)
The UKSDEA establishes high-standard rules to promote end-to-end digital trade between Singapore and the UK, and provides greater legal certainty and clarity for businesses by enabling the open and secure flow of data across borders. It also includes a wide range of cooperative elements in emerging areas such as Artificial Intelligence, FinTech and digital identities, reflecting Singapore and the UK’s strong commitment to creating new growth opportunities for businesses in the digital economy.
As Singapore’s third digital economy agreement, the UKSDEA will enhance connectivity between Singapore and the UK’s digital markets. It builds on our robust economic relationship with the UK, which is anchored by the UK-Singapore Free Trade Agreement (UKSFTA). The UKSDEA was signed on 25 February 2022, and entered into force on 14 June 2022.
Key features of the UKSDEA
Enable trusted and secure data flows
The UKSDEA establishes rules to support cross-border data flows and allow businesses to choose where their data is stored, removing unnecessary barriers to digital trade.
Advance end-to-end digital trade
The UKSDEA will facilitate seamless digital trade by promoting the use of interoperable systems for paperless trading, e-payments and e-invoicing services. This will reduce costs for businesses and support the digitalisation of cross-border supply chains in digital trade.
Facilitate trust in digital systems
Singapore the UK will promote innovation in the digital economy by ensuring that companies’ source code and cryptographic keys are not a condition for market access. Both sides will also enhance online consumer protection through measures that guard against fraudulent, misleading or deceptive conduct in electronic commerce.
Promote participation in the Digital Economy
Singapore and the UK will cooperate to help Small and Medium Sized Enterprises (SMEs) leverage opportunities in the digital economy, including through the use of digital tools and participation in e-commerce platforms.
Under the UKSDEA, Singapore and the UK have also signed seven Memoranda of Understanding on Cyber Security, Digital Trade Facilitation, Digital Identities, Data Cooperation, Emerging Technologies, Digital Government, and a Fintech Bridge, as well as two side-letters on FinTech and Customs cooperation.
For more information on the UKSDEA, please read the press release.