UK-Asean cooperation in IP can have big payoffs

THIS week, I am in South-east Asia to build on the strong economic and trade ties between the UK and Asean. It seems fitting that during my first visit to Singapore, I will be involved in the 2015 Singapore GREAT British Week. This week of activity showcases all that is great about Britain - our innovative companies and our customer-driven service industries.

The UK has world-class businesses in research and development, technology-based sectors, designers and creative industries. And while this week celebrates the best of what the UK offers in innovation, creativity and education, it is also an opportunity for us to celebrate the strong collaborative bond between Singapore and the UK in these areas. I hope as many people as possible will get a chance to experience the GREAT British Week with us.

The UK enjoys a close and historic bilateral relationship with Singapore, lasting nearly 200 years. Singapore accounts for half of UK exports to Asean, and is its largest market by a wide margin (though some products are re-exported elsewhere). It is also the only Asean country with which we have an overall trade surplus, amounting to £2.4 billion (S$5 billion) in 2013. The UK's total exports to Singapore rose by more than 10 per cent to £6.5 billion in 2013, as business services overtook financial services as the largest UK services export. Goods exports have grown by £1 billion over the past two years. Reciprocally, the UK is home to three-quarters of Singapore's investment in Europe.