KUALA LUMPUR: Digital trade is a key priority for the United Kingdom, not only in its engagement with Asean but also as part of its global economic strategy, says Parliamentary Under-Secretary of State in Science, Innovation and Technology Department Liz Lloyd.
She said the United Kingdom has made progress bilaterally with Asean members through its Digital Economic Agreement.
The country is also exploring digital trade ties with Malaysia, she said.
“In the digital space, where I have a strong interest, we are continuing to work closely to advance digital trade through our Digital Innovation Programme,” she said in her remarks at the fifth Asean Economic Ministers (AEM)-UK Consultation.
Lloyd added that this will build a “seamless” digital economy across the region and facilitate exports.
She said the UK’s accession to the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP) last year also marked a significant step in deepening the country’s engagement with Asean.
“In a more uncertain world, CPTPP provides an important platform for a diverse group of economies to come together and decide how to deepen and extend the reach of high standards of trade and the opportunities to further facilitate trade with important partners,” she said.
CPTPP is a free trade agreement signed by 12 countries including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United Kingdom and Vietnam.
Separately, New Zealand’s Trade and Investment Minister Todd McClay said the upgraded Asean-Australia-New Zealand free trade agreement will deliver real benefits to businesses and strengthen regional resilience at a time when it is most needed.
“I have spoken with many (leaders) and discussed our shared commitment to open markets and a strong rules-based trading system. It is good to be here reaffirming that commitment,” he said at the 30th AEM-Closer Economic Relations (CER) consultation.
In his remarks, Australia’s Trade and Tourism Minister Don Farrell said the partnership is anchored in trust and friendship.
“(The partnership) allows us to discuss new and emerging challenges in global trade policy,” he said.
