English law - another great trade for Singapore and the UK

THE groundbreaking UK-Singapore Digital Economy Agreement published on Dec 9 enables these two nations to reach across the globe to share valuable information and technology services. For legal services and lawtech, it is "the first trade agreement in the world to include specific commitments on technology ..." But there is another, much older, business platform that they also share - the law itself.

A recent report commissioned by LegalUK and written by Oxera, a leading economics consultancy, shows the economic value of English law, both to the UK and as a fundamental platform for international business everywhere. It provides a global infrastructure for the trade, financial and commercial contracts on which international business relies, lowering transaction costs and providing network effect benefits for internationally mobile transactions. Businesses do not need to be located in the UK to enjoy these benefits - English law contracts with their clarity, certainty, predictability and flexibility are available to all. And when legal disputes about English law contracts occur, and English law needs to be interpreted and adjudicated on, this can be done from all over the world. English law is so well-established globally that it can be used by businesses worldwide via numerous international access points, of which Singapore is a leading example.

English law is the source of domestic law in over 80 jurisdictions around the world. Many English precedents and principles are globally familiar. Some legal systems have English judges sitting in their highest courts - including those who preside in the Singapore International Commercial Court. Lawyers in countries around the world have studied English, as well as their domestic, law (and Singapore is home to many English qualified lawyers). A recent study of 26 common-law jurisdictions published by Mishcon de Reya and vLex Justis showed that from 1717 to 2020, English law was cited 313,111 times by foreign courts (with the nearest competitor being cited 12,156 times). But in addition to using English-influenced local law, businesses anywhere in the world can easily access English law itself in a variety of ways.