Reacting to news of the digital economy agreement, William Bain, Head of Trade Policy at the British Chambers of Commerce, said:
“This agreement will be welcomed by both UK goods and services exporters alike. It will ensure no customs duties on electronic transmission, deeper measures to facilitate e-commerce, more ambitious steps on data flows, alongside safeguards for businesses and consumers.
“Trade with Singapore was worth £17.6bn to the UK in 2019. Once finalised, this agreement should create opportunities to increase that figure through long-standing UK exporters and fast-growing small and medium sized businesses.”
David Kelly, Chief Executive Officer of the British Chamber of Commerce Singapore, said:
“We are delighted to see the announcement of this agreement today. The British Chamber of Commerce Singapore has been helping businesses feed their observations into the research conducted on these proposals throughout this year.
“We look forward to working with the Department for International Trade and the Singapore Ministry of Trade and Industry to provide businesses with an easy path to using the agreement. This will help both British and Singaporean companies, based in Singapore and in the UK, by supporting frictionless trade and opportunities for growth.”
More details on the agreement can be found here.