12 Apr Singapore Australia Digital Economy Agreement
Singapore is focusing on $352 million in digital transformation to help businesses cope with the pandemic crisis. For more details on the Singapore agreements on the digital economy, the full text of SADEA and information on the various MOUs, see: www.mti.gov.sg/Improving-Trade/Digital-Economy-Agreements. The agreement between Singapore and Australia (Sadea) builds on strong bilateral trade and investment flows from Singapore and Australia to improve digital economic opportunities, according to the joint statement from the Department of Trade and Industry, the Department of Communication and Information and the Infocomm Media Development Authority. The Digital Economy Agreement will facilitate the digitization of business processes and make Singapore`s businesses easier and cheaper to conduct cross-border business with Australia, said Trade and Industry Minister Chan Chun Sing. In a joint statement, the two countries acknowledged their bilateral trade relations and said that the Digital Trade Pact would build on this basis to improve economic opportunities in the digital field. Singapore and Australia have officially signed an agreement on the digital economy after months of negotiations. This is the second pact of its kind, after a first pact with New Zealand and Chile, which the Singapore government has coloured in several areas of cooperation, including cross-border data flows, digital payments and artificial intelligence (AI). The country`s government is providing more than $500 million ($352.49 million) to support local businesses in their digital transformation efforts. In particular, the introduction of electronic payments, electronic billing and advanced digital tools. CeECs also include the obligation to work towards mutual recognition of digital identification systems and to allow access to data to promote the development of new digital products, services and solutions. “These are some of the most ambitious rules Australia has ever negotiated on digital commerce and this agreement will serve as a benchmark for further negotiations on the rules of digital trade in our region,” Birmingham said. “The agreement builds on Australia and Singapore`s leading role in negotiating new international e-commerce rules within the World Trade Organization (WTO) to better facilitate the growing volume of digital commerce around the world.” Singapore and Australia have significant bilateral trade flows and investments, and SADEA builds on this base to improve digital economic opportunities. With ASDEA, Singapore and Australia want to create a flawless digital environment that is essential for businesses during this COVID 19 pandemic.
It will also enable reliable cross-border data flows without unnecessary and costly requirements, such as geolocation of data, while protecting consumer privacy and business-owning information.