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UK Department for International Trade Press Release
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The Department for International Trade (DIT) is proud to be joining leaders of the global ecommerce community at the Ecommerce Expo Asia 2022 trade fair in Singapore on 12-13 October 2022.
DIT is attending the event to highlight the UK as a destination for growth for Southeast Asian ecommerce companies that are looking to expand their operations beyond the ASEAN region. We will also be supporting UK businesses that are based in or travelling to Singapore and want to connect with ecommerce platform in Singapore.
The Department’s Ecommerce team’s attendance at this event is the first since the signing of the UK-Singapore Digital Economy Agreement (DEA) in February this year, which strengthened the trading relationship with Singapore by removing outdated rules that affect both goods and services of exporters and investors.
You can find them at stand V22 and find out more about the opportunities in the UK.
Digital trade is becoming the dominant form of trade. The increase in the use of ecommerce in the region is also leading to more ecommerce companies being established and registered in Singapore.
According to independent research by Credit Suisse, 20 per cent of Southeast Asian start-ups that have attained unicorn status - valuations of US$1 billion (S$1.34 billion) or more were ecommerce businesses.
The transformation of shopping has created new opportunities for ecommerce companies in markets around the world. A report by McKinsey, found that in the case of the United Kingdom, e-commerce growth has leapt nearly fivefold, with it now accounting for 24% of total retail sales in 2020.
The UK is a country with excellent skills, talent and support services present that is ready to welcome innovative companies that can help shape and support the future of retail.
In 2021, retail e-commerce sales amounted to approximately 5.2 trillion U.S. dollars worldwide. This figure is forecast to grow by 56 percent over the next years, reaching about 8.1 trillion dollars by 2026.
Craig Mapleston, CEO of VCCP Singapore says:
“We are delighted to be receiving the support of the Department for International Trade during their visit to the Ecommerce Expo Asia. As a UK-born communications agency that has expanded into Singapore, we see the opportunities that exist for companies in the region first hand. Our experience in Singapore and South East Asia allows us to both prepare businesses that want to expand into the UK and support those from back home that are looking to learn about the Singapore and ASEAN market and capture the opportunities that exist over here.”
Damian Adams, Partner at Watson Farley & Williams LLP in Singapore says:
“As an international law firm with a long-established presence in Singapore, companies both located in, and looking to invest in Singapore and the wider ASEAN region ask us about the legal practicalities of doing business in the region. The growth potential of the Ecommerce sector and associated services is clear to see and we are here to support potential investors with our extensive experience in complex cross-border investments and transactions. We welcome the opportunity to discuss our offering and the investment plans of companies attending this event and how our expertise and experience can be of assistance”
The UK is ready to design and shape the future of ecommerce for the world.
Follow us on Twitter: @tradegovuk_ecom; And LinkedIn: https://www.linkedin.com/company/department-for-international-trade/
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