Singapore and the European Union have signed an agreement that will lead to a digital trade pact to enable consumers and businesses to transact online more seamlessly and at lower costs.
The EU-Singapore Digital Partnership (EUSDP) inked in Brussels on Wednesday aims to boost participation in the digital economy by imparting relevant skills to workers in both jurisdictions and transforming their businesses and public services, said the Ministry of Trade and Industry (MTI).
Other areas of collaboration include digital trade facilitation, trusted data flows, electronic payments and standards. The deal will also focus on emerging areas such as artificial intelligence, digital identities, and 5G/6G communication networks.
The EUSDP was signed by Singapore's Minister-in-charge of Trade Relations S. Iswaran and Mr Thierry Breton, European Commissioner for the Internal Market.
The signing follows the announcement late in 2022 that negotiations on the agreement had largely been completed.
Mr Iswaran said: "The EUSDP strengthens connectivity and interoperability between the digital markets of the EU and Singapore." As a first step towards a bilateral digital trade agreement, a set of Digital Trade Principles was also agreed upon on Wednesday.
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