The UK boasts the world’s third-largest tech sector, setting the stage for collaborations with both established and emerging digital economies. Innovation thrives beyond borders. By partnering internationally, we can ensure that technology benefits people, economies, societies, and the planet.
In recent years, the UK government has inked several bilateral agreements—think Fintech Bridges, Space Bridges, and Digital Economy Agreements. While many of these initiatives have succeeded, it’s crucial for the new government to keep pursuing global partnerships that position the UK tech scene for international growth.
Take Fintech Bridges, for instance. The UK-Australia Fintech Bridge is a standout model. It creates an international regulatory sandbox, allowing companies to test their innovative products in a controlled setting while staying compliant with necessary regulations. This approach helps innovative firms break into new markets more easily.
Daniel Clarke from TechUK notes, “The new government has a unique opportunity to drive innovation through international partnerships.” The UK-Australia agreement has already seen over 42 UK fintech startups expand into Australia, proving that creative trade policies are vital for supporting high-growth sectors. TechUK now urges the new UK government to set up additional Tech Bridges with other key markets, enhancing regulator-to-regulator dialogues across various tech sectors. This would help reduce technical trade barriers that often arise due to differing regulations.
As we live in a digital age, the UK must negotiate more Digital Economy Agreements (DEAs) with priority markets. The UK-Singapore DEA exemplifies how these agreements can foster innovation. DEAs should be flexible enough to adapt to new technologies and ensure that all stakeholders can contribute, making the trading relationship responsive to advancements.
The new UK government should leverage this model to negotiate further DEAs, supporting the digital economy while laying the groundwork for cooperation on cutting-edge technologies like AI, quantum computing, cybersecurity, and blockchain.
On the international stage, the US-EU Trade and Technology Council has highlighted the importance of ongoing dialogue on issues like export controls and technology standards—even if it hasn’t delivered clear results yet. The UK can learn from this experience and seek dialogues with other key partners as well. Existing partnerships, such as the UK-India Technology and Security Initiative, offer pathways for collaboration. The UK must prioritize operationalizing these through industry consultation. Bilateral tech forums with Japan and India present significant opportunities to foster closer ties on emerging technologies.
The government has a chance to strengthen innovation through global partnerships by building on successful models like Tech Bridges, promoting DEAs, and enhancing conversations with core partners. These steps will help the UK thrive in the tech world while remaining engaged in crucial global discussions surrounding technology and regulation.