The UK is working hard to forge high quality, free trade agreements across the world, which are fit for the 21st Century. Singapore, and the wider Asia-Pacific Region are key partners for the UK, as we continue to unlock new markets in the region and negotiate entry into the CPTPP. The UK is ready to do business.
We are very proud that the UK and Singapore have signed the world’s most innovative digital trade agreement. The UK-Singapore Digital Economy Agreement (DEA) is the first of its kind to be agreed between a European country and an Asian nation. It will bolster digital trade between the UK and Singapore by cutting costs and ending outdated rules that affect both goods and services exporters.
Digital trade is increasing important to the global economy. It is already worth $11 trillion, and this value is only expected to grow. With 80% of UK-Singapore services trade now delivered digitally, it is no surprise that the DEA will provide significant benefits for both of our economies.
We are delighted to welcome this UK Trade Mission to Singapore to make the most of our new agreement. The UK continues to produce some of the most innovative companies in the world. It is home to 122 unicorns (companies valued at $1bn+), third only to the US and China.
This mission will focus on cyber security, lawtech and safety tech demonstrating some of the UK’s greatest strengths.
UK cyber security companies secured over £1 billion of investment across 84 deals over the last 12 months. In the same time frame, the sector’s revenue has grown by 14% to over £10 billion.
The UK is also a leading lawtech market, with a 101% average annual investment growth rate over the past three years. By 2026, annual investment into the sector is predicted to rise to £2.2bn.
Safety tech, which refers to technology designed to give safer online experiences, is a nascent but fast-growing sector, and one in which the UK is a global leader. The UK currently boasts a quarter of the global market share, and the sector is on track to reach £1 billion revenue by the mid-2020s.
This brochure provides you with an introduction to the British companies involved in the mission. We hope that you will become one of their future partners.
We look forward to the innovations that will come out of the growing, deepening partnership between the UK and Singapore.
Natalie Black CBE, Her Majesty's Trade Commissioner for Asia Pacific.
