Singapore and Australia sign Digital economy Agreement

Digital economy Singapore

The Signing of the Singapore-Australia Digital Agreement (SADEA) on August 6 2020, marks a milestone in the long-standing and multi-faceted partnership between Singapore and Australia.

It will allow our companies to take advantage of opportunities in the digital and tap on new technologies to create new digital products and services, Trade & Industry Minister Mr Chan Chun Sing said.

Singapore and Australia enjoy strong bilateral and investment flows and the SADEA builds on this foundation to enhance economic opportunities in the digital realm.

With the SADEA, Singapore and Australia aim to create a seamless digital trading environment which is crucial for businesses during this COVID-19 pandemic.

It will also enable trusted cross-border data flows without unnecessary and costly requirements such as data localisation, while protecting consumers and businesses proprietary information.

What are Digital Agreements (DEAs)?

A Digital Agreement (DEA) is a treaty that establishes digital rules and digital economy collaborations between two or more economies.

Through DEAs with key partners, Singapore hopes to develop international frameworks to foster interoperability of standards and systems and our businesses, especially SMEs, engaging in digital trade and electronic commerce.

The DEAs aim to build on Singapore’s extensive network of free trade agreements and other digital cooperation initiatives.

They also complement Singapore’s leadership role at the World Trade Organisation (WTO) as the co-convener (together with Australia and Japan) of the Joint Statement Initiative on E-Commerce (JSI).

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Singapore has concluded negotiations on two DEAs:

Digital Partnership Agreement (DEPA) with Chile and New Zealand; and
Singapore-Australia Digital Agreement (SADEA).

Singapore has also launched negotiations with the Republic of Korea on a Korea-Singapore Digital Partnership Agreement (KSPDA).

Singapore hopes to conclude further agreements with other like-minded economies in the future.

Reference:

  1. Singapore-Australia Digital Economy Agreement (SADEA) 
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