Latest news with #EUSDTA
Coin Geek
4 days ago
- Business
- Coin Geek
Singapore signs new digital trade deal with EU
Homepage > News > Business > Singapore signs new digital trade deal with EU Getting your Trinity Audio player ready... 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. Watch: Future of trading with DLT Finance Group's Roger Wurzel on CoinGeek Backstage title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
The Star
08-05-2025
- Business
- The Star
New agreement strengthens digital trade
SINGAPORE: Singapore and the European Union (EU) have inked a digital trade agreement designed to provide greater clarity and legal certainty for consumers and businesses on both sides to transact online more seamlessly. Minister-in-charge of Trade Relations Grace Fu and EU Commissioner for Trade and Economic Security Maros Sefcovic signed the European Union-Singapore Digital Trade Agreement (EUSDTA) at The Treasury in High Street on Wednesday. The agreement supplements the EU-Singapore Free Trade Agreement (EUSFTA) that entered into force in 2019. The EUSDTA aims to set global standards for digital trade and cross-border data flows without unjustified barriers. It includes rules on e-signatures, spam and cyber security, among others. It should also lower costs for businesses, boosting services trade. The EU is Singapore's fifth-largest goods trading partner. Last year, bilateral trade in goods grew to over S$100bil, representing 7.8% of Singapore's total goods trade. The EU is also Singapore's second-largest services trading partner, with bilateral trade in services reaching over S$110bil in 2023. Investment ties remain robust, with the EU being Singapore's second-largest foreign investor and second-largest overseas investment destination. Singapore is the EU's fifth-largest partner in services trade, and more than half of these services are delivered digitally. Fu said the signing of the EUSDTA is a significant step forward in deepening digital economic cooperation between Singapore and the EU, given the global uncertainties. She said: 'The EUSDTA 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. '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 EUSDTA follows similar partnerships with Australia, Britain, New Zealand, Chile and South Korea that put in place rules for digital trade and cross-border data flows. Data from the World Trade Organization showed global digital service exports surpassed US$4.2 trillion in 2023. This was up 9% from 2022. Digitally delivered services trade globally has risen on average by 8.2% per year from 2005 to 2023, outpacing increases in trade of goods and other services, its data showed. Under the EUSDTA, businesses will be allowed to transfer data, including requirements to store data in specified locations, to support electronic commerce. There will be a legal framework to protect the personal data of individuals, based on principles and guidelines developed by relevant international bodies. It should be easier and cheaper for people and businesses to pay each other online, even if they are in different countries. Both jurisdictions will use internationally accepted standards, promote interoperability, and encourage innovation and competition in electronic payment services. Electronic invoicing should also be easier, so businesses can send and receive e-invoices smoothly across borders without extra hassle. Trade documents will be made available in electronic format and accepted as the legal equivalent of paper versions. No customs duties on electronic transmissions will be imposed under the EUSDTA. To ensure software makers feel safe and trusted when they do business, their special computer instructions – called source code – need to be protected. Hence, Singapore and the EU have agreed that companies will not have to share their source code just to sell their software in each other's countries. This helps keep ideas safe and encourages people to create new things. To enhance consumer protection, Singapore and the EU will adopt measures that guard against fraudulent, misleading or deceptive commercial activities that cause harm to consumers engaged in electronic commerce. Singapore and the EU will cooperate to help small and medium-sized enterprises (SMEs) participate in digital trade. Nele Cornelis, executive director at EuroCham Singapore, which represents European businesses here, sees the partnership as 'a catalyst for stronger government-to-business collaboration, regulatory alignment, and SME digital inclusion'. 'It enables businesses to trade more efficiently, scale globally with confidence, and operate within a secure and forward-looking digital environment,' she said. Kok Ping Soon, chief executive officer of the Singapore Business Federation, said the EUSFTA, which eliminates all tariffs on goods into the EU, was among the top three most utilised free trade agreements among Singapore businesses in 2023. He is hopeful the EUSDTA will help create new opportunities for various sectors here, including eCommerce and financial services. Lim Chung Chun, group chief executive of digital wealth platform iFast Corp, said he is keen to explore opportunities to expand cross-border financial services into the EU. For Singapore-based fintech firms specialising in cross-border payments like Nium, trusted cross-border data flows, aligned standards for payments and interoperable frameworks are essential to delivering seamless services across borders. Anupam Pahuja, Nium's general manager for Asia-Pacific, Middle East and Africa, welcomes the commitment to protect personal data, promote cyber security, and enable greater SME participation in digital finance. — The Straits Times/ANN
Singapore Law Watch
08-05-2025
- Business
- Singapore Law Watch
Singapore and EU sign digital trade pact, deepening cooperation amid global uncertainties
Singapore and EU sign digital trade pact, deepening cooperation amid global uncertainties Source: Straits Times Article Date: 08 May 2025 Author: Angela Tan The agreement supplements the EU-Singapore Free Trade Agreement (EUSFTA) that entered into force in 2019. Singapore and the European Union on May 7 inked a digital trade agreement designed to provide greater clarity and legal certainty for consumers and businesses on both sides to transact online more seamlessly. Minister-in-charge of Trade Relations Grace Fu and EU Commissioner for Trade and Economic Security Maros Sefcovic signed the European Union-Singapore Digital Trade Agreement (EUSDTA) at The Treasury in High Street. The agreement supplements the EU-Singapore Free Trade Agreement (EUSFTA) that entered into force in 2019. The EUSDTA aims to set global standards for digital trade and cross-border data flows without unjustified barriers. It includes rules on e-signatures, spam and cyber security, among others. It should also lower costs for businesses, boosting services trade. The EU is Singapore's fifth-largest goods trading partner. In 2024, bilateral trade in goods grew to over $100 billion, representing 7.8 per cent of Singapore's total goods trade. The EU is also Singapore's second-largest services trading partner, with bilateral trade in services reaching over $110 billion in 2023. Investment ties remain robust, with the EU being Singapore's second-largest foreign investor and second-largest overseas investment destination. Singapore is the EU's fifth-largest partner in services trade, and more than half of these services are delivered digitally. Ms Fu said the signing of the EUSDTA is a significant step forward in deepening digital economic cooperation between Singapore and the EU, given the global uncertainties. She said: 'The EUSDTA 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. '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 EUSDTA follows similar partnerships with Australia, the United Kingdom, New Zealand, Chile and South Korea that put in place rules for digital trade and cross-border data flows. Data from the World Trade Organisation showed global digital service exports surpassed US$4.2 trillion (S$5.42 trillion) in 2023, up 9 per cent from 2022. Digitally delivered services trade globally has risen on average by 8.2 per cent per year from 2005 to 2023, outpacing increases in trade of goods and other services, its data showed. Under the EUSDTA, businesses will be allowed to transfer data, including requirements to store data in specified locations, to support electronic commerce. There will be a legal framework to protect the personal data of individuals, based on principles and guidelines developed by relevant international bodies. It should be easier and cheaper for people and businesses to pay each other online, even if they are in different countries. Both jurisdictions will use internationally accepted standards, promote interoperability, and encourage innovation and competition in electronic payment services. Electronic invoicing should also be easier, so businesses can send and receive e-invoices smoothly across borders without extra hassle. Trade documents will be made available in electronic format and accepted as the legal equivalent of paper versions. No customs duties on electronic transmissions will be imposed under the EUSDTA. To ensure software makers feel safe and trusted when they do business, their special computer instructions – called source code – need to be protected. Hence, Singapore and the EU have agreed that companies will not have to share their secret source code just to sell their software in each other's countries. This helps keep ideas safe and encourages people to create new things. To enhance consumer protection, Singapore and the EU will adopt measures that guard against fraudulent, misleading or deceptive commercial activities that cause harm to consumers engaged in electronic commerce. Singapore and the EU will cooperate to help small and medium-sized enterprises (SMEs) participate in digital trade space. Ms Nele Cornelis, executive director at EuroCham Singapore, which represents European businesses here, sees the partnership as 'a catalyst for stronger government-to-business collaboration, regulatory alignment, and SME digital inclusion'. 'It enables businesses to trade more efficiently, scale globally with confidence, and operate within a secure and forward-looking digital environment,' she said. Mr Kok Ping Soon, chief executive officer of the Singapore Business Federation, said the EUSFTA, which eliminates all tariffs on goods into the EU, was among the top three most utilised FTAs among Singapore businesses in 2023. He is hopeful the EUSDTA will help create new opportunities for various sectors here, including e-commerce and financial services. Mr Lim Chung Chun, group CEO of digital wealth platform iFast Corporation, said he is keen to explore opportunities to expand cross-border financial services into the EU. For Singapore-based fintech firms specialising in cross-border payments like Nium, trusted cross-border data flows, aligned standards for payments and interoperable frameworks are essential to delivering seamless services across borders. Mr Anupam Pahuja, Nium's general manager for Asia-Pacific, Middle East and Africa, welcomes the commitment to protect personal data, promote cyber security, and enable greater SME participation in digital finance. Source: The Straits Times © SPH Media Limited. Permission required for reproduction. Print
Straits Times
07-05-2025
- Business
- Straits Times
Singapore and EU sign digital trade pact, deepening cooperation amid global uncertainties
The EUSDTA supplements the EU-Singapore Free Trade Agreement that entered into force in 2019. PHOTO: AFP SINGAPORE - Singapore and the European Union on May 7 inked a digital trade agreement designed to provide greater clarity and legal certainty for consumers and businesses on both sides to transact online more seamlessly. Minister-in-charge of Trade Relations Grace Fu and EU Commissioner for Trade and Economic Security Maros Sefcovic signed the European Union-Singapore Digital Trade Agreement (EUSDTA) at The Treasury in High Street. The agreement supplements the EU-Singapore Free Trade Agreement (EUSFTA) that entered into force in 2019. The EUSDTA aims to set global standards for digital trade and cross-border data flows without unjustified barriers. It includes rules on e-signatures, spam and cyber security, among others. It should also lower costs for businesses, boosting services trade. The EU is Singapore's fifth-largest goods trading partner. In 2024, bilateral trade in goods grew to over $100 billion, representing 7.8 per cent of Singapore's total goods trade. The EU is also Singapore's second-largest services trading partner, with bilateral trade in services reaching over $110 billion in 2023. Investment ties remain robust, with the EU being Singapore's second-largest foreign investor and second-largest overseas investment destination. Singapore is the EU's fifth-largest partner in services trade, and more than half of these services are delivered digitally. Ms Fu said the signing of the EUSDTA is a significant step forward in deepening digital economic cooperation between Singapore and the EU, given the global uncertainties. She said: 'The EUSDTA 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. '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 EUSDTA follows similar partnerships with Australia, the United Kingdom, New Zealand, Chile and South Korea that put in place rules for digital trade and cross-border data flows. Data from the World Trade Organisation showed global digital service exports surpassed US$4.2 trillion (S$5.42 trillion) in 2023, up 9 per cent from 2022. Digitally delivered services trade globally has risen on average by 8.2 per cent per year from 2005 to 2023, outpacing increases in trade of goods and other services, its data showed. Under the EUSDTA, businesses will be allowed to transfer data, including requirements to store data in specified locations, to support electronic commerce. There will be a legal framework to protect the personal data of individuals, based on principles and guidelines developed by relevant international bodies. It should be easier and cheaper for people and businesses to pay each other online, even if they are in different countries. Both jurisdictions will use internationally accepted standards, promote interoperability, and encourage innovation and competition in electronic payment services. Electronic invoicing should also be easier, so businesses can send and receive e-invoices smoothly across borders without extra hassle. Trade documents will be made available in electronic format and accepted as the legal equivalent of paper versions. No customs duties on electronic transmissions will be imposed under the EUSDTA. To ensure software makers feel safe and trusted when they do business, their special computer instructions – called source code – need to be protected. Hence, Singapore and the EU have agreed that companies will not have to share their secret source code just to sell their software in each other's countries. This helps keep ideas safe and encourages people to create new things. To enhance consumer protection, Singapore and the EU will adopt measures that guard against fraudulent, misleading or deceptive commercial activities that cause harm to consumers engaged in electronic commerce. Singapore and the EU will cooperate to help small and medium-sized enterprises (SMEs) participate in digital trade space. Ms Nele Cornelis, executive director at EuroCham Singapore, which represents European businesses here, sees the partnership as 'a catalyst for stronger government-to-business collaboration, regulatory alignment, and SME digital inclusion'. 'It enables businesses to trade more efficiently, scale globally with confidence, and operate within a secure and forward-looking digital environment,' she said. Mr Kok Ping Soon, chief executive officer of Singapore Business Federation, said the EUSFTA, which eliminates all tariffs on goods into the EU, was among the top three most utilised FTAs among Singapore businesses in 2023. He is hopeful the EUSDTA will help create new opportunities for various sectors here including e-commerce and financial services. Mr Lim Chung Chun, group CEO of digital wealth platform iFast Corporation, said he is keen to explore opportunities to expand cross-border financial services into the EU. For Singapore-based fintech firms specialising in cross-border payments like Nium, trusted cross-border data flows, aligned standards for payments and interoperable frameworks are essential to delivering seamless services across borders. Mr Anupam Pahuja, Nium's general manager for Asia-Pacific, Middle East and Africa, welcomes the commitment to protect personal data, promote cyber security, and enable greater SME participation in digital finance. 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Business Times
07-05-2025
- Business
- Business Times
Singapore, European Union sign new trade agreement to boost digital connectivity
[SINGAPORE] Singapore and the European Union (EU) have signed a new agreement to facilitate end-to-end digital trade between them. When implemented, the European Union-Singapore Digital Trade Agreement (EUSDTA) will lay down rules for digital trade and cross-border data flows, such as the transfer of information internationally. The agreement was inked in Singapore on Wednesday (May 7) by Minister-in-charge of Trade Relations Grace Fu and EU Commissioner for Trade and Economic Security Maros Sefcovic. In a statement, Singapore's Ministry of Trade and Industry said the EUSDTA will 'provide greater clarity and legal certainty' for individuals and businesses. It will also enhance EU-Singapore relations by strengthening bilateral economic connectivity. With this being the EU's first bilateral digital-economy deal with an Asean member state, Fu said the EUSDTA will also support greater region-to-region digital connectivity. '(It) 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,' she said. A NEWSLETTER FOR YOU Friday, 8.30 am SGSME Get updates on Singapore's SME community, along with profiles, news and tips. Sign Up Sign Up The MTI statement noted that the EU is Singapore's fifth-largest goods trading partner. Last year, bilateral trade in goods shot past S$100 billion, which represented 7.8 per cent of Singapore's total goods trade. The EU is also Singapore's second-largest services trading partner, with bilateral trade in services amounting to more than S$110 billion in 2023. The EU is Singapore's second-largest foreign investor and second-largest overseas investment destination. New growth opportunities One key feature of the EUSDTA is the enabling and facilitating of open and secure data flows. To support trusted cross-border data flows for e-commerce and other activities, Singapore and the EU will commit to allow businesses to transfer data, including requirements to store data in specific locations. On personal data protection, Singapore and the EU have agreed to maintain a legal framework to protect the personal data of individuals. Both sides will also publish information on the personal data protection measures that their respective jurisdictions provide to individuals. Secondly, the EUSDTA supports the development of cross-border e-payments and e-invoicing, adopting the use of internationally accepted standards to promote interoperability. This includes the adoption of paperless trading for legal documents and free trade on electronic transmissions without customs duties. On cybersecurity, Singapore and the EU will collaborate to identify and mitigate threats to enhance consumer protection, such as by protecting source code – software containing intellectual property and sensitive information – used in companies. As for small and medium-sized enterprises (SMEs), they can look forward to improved public access to government data digitally through the agreement, generating business and research opportunities. SMEs will also receive support from the EUSDTA to enhance their digital tools and technology to enhance bilateral trade, investment and participation in the digital economy for opportunities. Singapore Business Federation chief executive officer Kok Ping Soon said: 'We believe the EUSDTA, which builds on the EUSFTA (EU-Singapore Free Trade Agreement), will open up new avenues of growth by streamlining digital transactions, improving regulatory transparency and promoting a secure digital environment.' EuroCham (Singapore) executive director Nele Cornelis said: 'The EUSDTA creates a framework for deeper cooperation on digital trade, cross-border data flows and technology standards – supporting both innovation and supply chain resilience.'
