Three Memoranda of Understanding (MoUs) were signed by UK Digital Secretary Nadine Dorries and her Singaporean counterpart, Minister for Communications and Information Josephine Teo.
The agreements will underpin the UK-Singapore Digital Economy Agreement (DEA), currently being negotiated, which seeks to enhance the trade relationship and boost digital trade for businesses and benefits for consumers.
An agreement on ‘digital trade facilitation’ aims to reduce barriers to digitally led trade by encouraging businesses to use electronic invoicing. It will establish a pilot project for the transfer of electronic bills of lading – the main commercial document of the shipment of goods – between the UK and Singapore.
By removing expensive and antiquated paper record keeping, the move will not only help reduce costs for businesses and help drive more competitive pricing for consumers, but it will also reduce the carbon footprint of trade.
A further agreement marks an important step in achieving the smooth operation of digital identity systems between different jurisdictions. It will help reduce barriers in cross-border trade and enable businesses and individuals to use the international digital economy with more confidence and security.