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On 9 December 2021, the UK secured an Agreement in Principle (AiP) with Singapore on a Digital Economy Agreement (DEA). It is the first digitally-focussed trade agreement signed by a European nation, and was agreed after six months of negotiations.
The DEA will take trading relationship with Singapore to the next level by overhauling outdated trade rules that affect both goods and services for exporters, making it easier for UK business to target new opportunities in both Singapore and Asian markets. The trade deal will create new opportunities to expand digital trade, and goods’ exporters will also benefit from streamlining border processes. Time-consuming and costly paperwork can be replaced with e-signatures, e-contracts and electronic invoicing with greater confidence.
The DEA will also support the UK’s accession to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). Further information on the AiP and DEA can be found on the UK Government website.