Building on economic, other links key amid disruptions, says Iswaran

Building on Singapore's economic, digital and transport links takes on greater salience at a time when the Republic is dealing with disruptions caused by Covid-19, Transport Minister S. Iswaran said yesterday.

Singapore has been strengthening its existing partnerships through free trade agreements as well as building linkages in newer areas of opportunity, which are ultimately about creating opportunities for its businesses and people to benefit, he added.

He was speaking to the media at a virtual conference on the sidelines of his working visit to Brussels and London, which is focused on Singapore's efforts to enhance its economic, digital and transport connectivity.

Addressing questions on Singapore's vaccinated travel lanes (VTLs) and when the deferred VTLs would start, Mr Iswaran stressed that it is key for Singapore to understand the nature of the new Omicron variant before taking further steps.

Three planned VTLs for Qatar, Saudi Arabia and the United Arab Emirates were deferred indefinitely on Nov 28 as a precautionary measure to reduce the risks of importing the Omicron variant into Singapore.

Singapore has also halted further expansion of its VTL scheme for the time being and tightened its border measures in the light of the new variant.

"It is a prudent measure for us to... take a pause, consolidate what we have, assess the impact of the new variant before we move forward," he said.

Mr Iswaran, who is also Minister-in-charge of Trade Relations, said that initiatives to strengthen the Republic's connectivity on various fronts, such as the development of digital partnerships with Britain and the European Union, help to sustain the country's long-term competitiveness.

On Thursday, Singapore said that it has "substantially concluded" negotiations with the United Kingdom on the UK-Singapore Digital Economy Agreement (UKSDEA).

The agreement will advance end-to-end digital trade, enable trusted data flows as well as encourage digital economy participation.

The pact, which will likely come into force early next year, is the first between an Asian and a European country. Singapore has concluded similar digital economy deals with Australia, Chile and New Zealand, and is in talks with South Korea.

Mr Iswaran said in a Facebook post on Wednesday that Singapore and the EU are working on a digital partnership agreement, which will facilitate cooperation in the digital economy.

Singapore and the UK also signed a memorandum of understanding on Thursday to strengthen cooperation in co-innovation and joint research and development.

Singapore fintech Nium said that the UKSDEA serves as an example of how robust collaboration and future-fitting trade policies can bolster innovation in an increasingly connected digital world.

Nium global head of public policy Katie Mitchell said: "Agreements such as these will undoubtedly facilitate more transparency, cooperation and connectivity across our economies, while serving as an important example of the benefits of cross-border collaboration and exchange at a time when it is needed most."