Singapore, EU create framework for bilateral digital cooperation
It will include a cross-border digital economy and standards.
The EU-Singapore Digital Partnership (EUSDP) was signed to create a framework that will cover bilateral digital cooperation between the Lion City and EU.
In a statement, the Ministry of Trade and Industry said the EUSDP includes issues such as cross-border digital economy, digital trade facilitation, trusted data flows, digital payments, standards, AI, digital identities and 5G/6G.
Such partnership will also support the digital economy by providing upskilling opportunities for workers and digital transformation of businesses and public services.
As a first deliverable of the agreement, Minister-in-charge of Trade Relations S Iswaran inked the EUSingapore Digital Trade Principles with Executive Vice-President for an Economy that Works for the People and Trade Commissioner Valdis Dombrovskis.
This principle is the first step to create a legally binding digital trade deal between EU and SIngapore that will facilitate “cross-border data flows, enable cost savings through the use of electronic trade documentation and authentication, and ensure that consumers enjoy greater online consumer protection when purchasing goods and services online.”
The EU is Singapore's fourth largest trade partner, with bilateral trade in goods reaching $102b in 2021.