Singapore signs new digital trade deal with EU
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Singapore has signed a new deal with the European Union to boost digital trade, promote innovation and enhance data flow.
The European Union-Singapore Digital Trade Agreement (EUSDTA) was signed by the EU's Trade Commissioner Maroš Šefčovič and Singapore's Trade Relations Minister, Grace Fu. It's the EU's first digital economy agreement with a Southeast Asian nation.
Under the deal, the two will establish new data exchange and digital trade standards. It aims to remove digital barriers such as data localization laws that limit the target market for Singaporean and European companies. It also provides new guidelines for cybersecurity, spam, digital signatures, data storage and privacy, digital contracts and consumer protection.
The new deal 'reflects our shared commitment to foster a trusted, secure and inclusive digital economy, and create new opportunities for our companies and citizens in digital trade,' commented Singapore's Fu.
'As the EU's first bilateral digital economy agreement with an Asean country, the EUSDTA will also support greater region-to-region digital connectivity.'
The EU remains one of Singapore's most important markets. Last year, the Asian nation traded over $100 billion worth of goods with the 27-member bloc, accounting for 8% of its total exports.
The EU is Singapore's second-largest trading partner in the services sector, with over $110 billion in bilateral trade. Half the services are delivered digitally, making the new agreement crucial for thousands of businesses.
Singapore's digital trade push
Digital trade is becoming an increasingly critical sector for most economies globally as rapid smartphone and Internet penetration fuels parabolic growth. In 2023, digitally delivered services hit $4.5 trillion globally, and experts expect the sector to be among the fastest growing over the next decade.
This growth has seen several governments invest heavily in expanding their digital economy, with Singapore among the leaders in Asia.
The new deal with the EU is the latest initiative in the $500 billion economy, and according to Ang Yuit, a local expert, it could be a game-changer. Yuit, who heads Singapore's Association of Small and Medium Enterprises, told one local outlet that one of the key benefits will be a reduced burden on compliance costs. The EU is renowned for its onerous digital economy regulations, such as GDPR, which place a heavy compliance cost on operators. Singapore is home to 5.9 million residents, offering a much smaller market than its regional peers like the Philippines, Bangladesh and Vietnam, with over 100 million residents each. As such, Singaporean firms must explore foreign markets, and with a $20 trillion GDP, the EU is a prime target.
'Having additional access in the European digital market and making it easier through reduced compliance will really help us by giving us opportunities to expand,' Yuit told Channel News Asia.
Nele Cornelis, who heads the European Chamber of Commerce in Singapore, added that the deal will be a catalyst for stronger alignment and collaboration.
'It enables businesses to trade more efficiently, scale globally with confidence, and operate within a secure and forward-looking digital environment,' she stated.
Elsewhere, Singapore is among the Southeast Asian nations that have signed the ASEAN Digital Economy Framework Agreement (DEFA), a first-of-its-kind deal to unlock digital trade in the 10-member bloc.
The new framework covers new-age technologies, ranging from artificial intelligence (AI) and blockchain to cloud computing and machine learning.
Thailand eyes Google's investment in digital economy
Elsewhere in Southeast Asia, Thailand has invited global tech giant Google (NASDAQ: GOOGL) to invest in the country's digital economy amid concerns about the effect Trump's tariffs will have on the sector.
The Minister of Commerce, Pichai Naripthaphan, met with Google executives on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade in South Korea, where the Thai digital economy was among the key topics discussed.
Like in most other Asian nations, digital trade in Thailand is thriving. Last year, its value was estimated at 4.44 trillion baht ($136 billion), accounting for nearly a quarter of the Thai economy.
In the meeting, Google pledged to continue investing in Thailand, setting up data centers for the AI sector and expanding its cloud services. The $2 trillion firm also plans to set up manufacturing facilities for circuit boards and hard drives.
Following the meeting, Bangkok announced that it had partnered with Google to use its AI services to control traffic and ease congestion.
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