UK and Singapore will start talks on Digital Economy Agreement

The UK and Singapore signed a free trade agreement (FTA) to ensure that companies from both countries continue to enjoy the same benefits granted by the EU-Singapore FTA after Brexit. The UK-Singapore Agreement is focused on tariff reductions and market access for goods and services. The two countries also agreed to negotiate a UK-Singapore digital economy agreement (DEA) in 2021. The DEA could “serve as such for modern rules on digital trade and financial services between Europe and South-east Asia”. Singapore and the UK will work on their respective ratification processes for the entry into force of the UK-Singapore FTA.