Pioneering businesses will benefit from an ambitious programme to enhance cross-border innovation, boost entrepreneurship and make regulation fit for the future.
Initiatives agreed by seven nations at today’s Agile Nations conference, spearheaded by the UK, range from improving cyber-security in the Internet of Things – where everyday items are equipped with computing devices to connect them to the web – to greater collaboration on experimental approaches to regulation like the use of “sandboxes” – where ground-breaking products are tested under supervision.
The Agile Nations – made up of the UK, Denmark, Canada, Italy, Japan, Singapore, and the UAE – account for 15% of global Gross Domestic Product (GDP). These countries were also joined by observer member Finland, who is contributing on an ad hoc basis.
Launched in December with the support of the World Economic Forum and the Organisation for Economic Co-operation and Development (OECD), the network’s mission is to make it easier for businesses to introduce and scale innovations across markets while upholding protections for citizens and the environment.
Business Minister Lord Callanan said:
“Unleashing innovation and entrepreneurship will be key as we look to build back better from the pandemic, and the UK is ready to work with like-minded countries to make this happen.
“The projects agreed today will blaze a trail for regulators around the world, promising new opportunities on the horizon for our most innovative businesses and helping them thrive across borders.”
As inaugural chair of the group, the UK led today’s event, which saw Business Minister Lord Callanan and international counterparts agree to an ambitious programme of 10 projects, including:
- To bolster access to justice, the UK’s Solicitors Regulation Authority will lead a project aimed at helping create a global market for legal services.
- The UK, Canada and Singapore will work together to iron out potential cyber-security issues in the ‘Internet of Things’.
- To tackle food production challenges in countries that face water scarcity, the UAE will lead a project developing standards around the use of treated waste-water in agriculture.
The projects will see the Agile Nations work together to share cutting-edge ideas and evidence, test new solutions, and identify new opportunities to encourage innovators and entrepreneurs.