The UK will mark a major digital trade milestone today [Tuesday]as tech companies from around the world gather at London Tech Week.
The new UK-Singapore Digital Economy Agreement comes into force today, deepening Asia-UK ties in technology and digital trade.
This means businesses across the UK can start benefiting from the trade deal, which was signed by the International Trade Secretary in Singapore in February and is the most innovative trade deal to be struck anywhere in the world.
The deal will give UK businesses greater access to Singapore’s digital markets and cut red tape for exporters of UK goods, streamline cumbersome border processes and replace time-consuming and costly paperwork with electronic signatures and contracts. It will also lock in reliable cross-border data flows, the foundation of today’s modern global digital economy, allowing businesses to trade more easily, cheaply and faster.
This week also marks the arrival of the largest delegation from the fast-growing Asia-Pacific region to London Tech Week. Over 350 personalities from business and industry join us to explore the benefits of expanding to the UK, through our business-friendly environment and expertise, and to seek out investment opportunities and partnership across the country.
Britain’s tech sector was valued at $1 trillion (£764 billion) this year. According to new research from Tech Nation, the UK is fourth in the world for technology investment at £32.6 billion, having achieved a record year in 2021. Technology plays a significant role as a driver of jobs and economic growth across the country. Last year, vacancies in the tech sector accounted for 12% of all jobs available in the UK, with just over 50% of those jobs available outside London and the South East.
Investment Minister Lord Grimstone said:
The UK is one of the main destinations for foreign investment in Europe and the third largest investment destination in the world.
As we continue to close trade deals with countries and blocs around the world, we are poised to unleash the full potential of tech companies that choose to locate here, providing a platform for global growth. .
Her Majesty’s Trade Commissioner for Asia-Pacific, Natalie Black CBE, said:
Our Asia-Pacific digital commerce network is the first of its kind in the world. Working with Tech Nation, it helps UK technology companies realize their potential in this increasingly important region.
Over the past two years we have worked with over 300 companies on their expansion into the growing Asia-Pacific market and I am delighted to see the UK tech sector thrive in this region in the years to come.
This is the latest demonstration of our Indo-Pacific tilt in action – strengthening ties between the UK and some of the fastest growing markets in the world.
Later this year, the UK hopes to gain membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – a trading bloc worth almost £9trillion, putting the UK at its heart of a dynamic group of countries as a global economy. increasingly focused on the Pacific region.
The CPTPP greatly benefits the UK as the world’s second largest exporter of services, with advanced provisions that facilitate digital trade and modern data rules that will help the UK’s cutting-edge tech sector go global and open more markets for financial and professional services. at the top.
Other announcements at London Tech Week include:
- UK-Japan technology collaboration: University of Tokyo Edge Capital Partners, Japan’s largest high-tech venture capital fund, is co-leading a major funding round of Oxford Quantum Circuits, finding solutions for high technology to the world’s toughest problems. This will be the largest Series A round in the UK quantum industry and further underlines the UK’s leadership in quantum computing.
- UK Tech Rocketship Awards Semi-Finalist: The awards are open to scale-ups founded on innovative technology solutions ready for global expansion. Award winners will receive fully personalized support to facilitate their expansion into the UK, with a market tour, access to tech clusters, venture capital and the UK’s unique ecosystem of support for ambitious tech companies .