It will allow our companies to take advantage of opportunities in the digital economy 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 trade 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 privacy and businesses proprietary information.
What are Digital Economy Agreements (DEAs)?
A Digital Economy Agreement (DEA) is a treaty that establishes digital trade 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 support 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).
Singapore has concluded negotiations on two DEAs:
Digital Economy Partnership Agreement (DEPA) with Chile and New Zealand; and
Singapore-Australia Digital Economy 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.