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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="">
Straits Times
28-05-2025
- Business
- Straits Times
NUS to study climate change impacts on Asean's agriculture sector to enhance food security: Grace Fu
Minister for Sustainability and the Environment Grace Fu speaking at the Singapore Dialogue on Sustainable World Resources on May 28. ST PHOTO: NG SOR LUAN SINGAPORE - Researchers from Singapore are working with Asean countries to study the impact of climate change on the region's agriculture sector, said Minister for Sustainability and the Environment Grace Fu on May 28. The study, done by the NUS Tropical Marine Science Institute, will help countries better manage climate risks, so that the region can plan their responses to climate change impacts on crop production at national and local levels, she added. The study is expected to be completed in the second quarter of 2026, and will help to boost the region's food security, she said. NUS declined to provide further details on the study. Ms Fu was speaking at the Singapore Dialogue on Sustainable World Resources, organised by the Singapore Institute of International Affairs. The event at One Farrer Hotel gathered policymakers, industry experts and thought leaders to discuss how Asean's agricultural commodities industries can help to tackle emerging sustainability and economic challenges. In her keynote address, Ms Fu also said that the rules-based multilateral system is under pressure, with protectionism rising and trade barriers and supply chain disruptions becoming more frequent. Asean countries can collaborate more to advance the bloc's interest. 'As climate change intensifies amidst these uncertain times, the need for greater Asean cooperation to address the challenges faced by our region is more salient than ever,' she said. The production of agricultural commodities in Asean, which is a large economic driver for the region, is one area of such cooperation. Asean countries are among the world's largest producers of agricultural commodities such as palm oil and rubber, said Ms Fu, who is also Minister-in-charge of Trade Relations. The agriculture, forestry and fishing industries collectively contribute to about 10 per cent of Asean's GDP and remain a primary source of jobs for many people across the region, she added. Singapore is working closely with regional partners to develop climate-resilient crops and sustainable farming practices, Ms Fu said. For example, Temasek Life Sciences Laboratory has developed climate-resilient rice varieties that are more resistant to droughts and floods. Extreme weather events such as floods, storms and heatwaves have damaged crops in the region. El Nino events - which bring drought and warmer temperatures to South-east Asia - have led to drought and increased wildfire risk in countries like Indonesia. In 2023, rice output in Indonesia was reduced due to severe drought, leading to the rising prices, requiring increased imports of rice and threatening food security. Meanwhile, more than 250,000ha of crops, including rice, vegetables and fruit trees, were destroyed across typhoon-hit northern Vietnam when Typhoon Yagi made landfall along Vietnam's east coast in September 2024. The agricultural sector is affected by climate change impacts, but it is also a contributor of planet-warming emissions. Citing a UN study, Ms Fu said the various steps of farming, transportation, consumption and disposal of agriculture emit a third of all human-caused greenhouse gas emissions . Sustainable agribusiness and forestry practices are pivotal in climate action and conserving resources, Ms Fu said. For example, the risk of deforestation and transboundary haze can be reduced by avoiding unsustainable farming practices, such as burning stubbles and slash-and-burn techniques, she added. Such farming practices also contribute to the release of greenhouse gas emissions driving climate change. Transboundary haze has been a recurring issue in the region. Ms Fu said countries in the region have taken step to curb emissions from this sector. Thailand, Laos and Myanmar, for example, have a joint Clear Sky Strategy 2024-2030, which was launched in October 2024 to address cross-border haze and air pollution affecting South-east Asia. She noted that Indonesia has also made efforts to reduce deforestation through legislation and continued monitoring while Malaysia has the Sustainable Palm Oil Certification Scheme to raise sustainability standards in its palm oil industry. There are also business advantages when it comes to practising sustainable agriculture, Ms Fu said, citing various compliance measures imposed by countries to ensure that agricultural commodities are grown in a sustainable way. For example, the Singapore Government has since 2016 been buying paper that carry the Singapore Green Label, which assures that suppliers practise sustainable forestry management. The European Union (EU) has also announced its plans to introduce regulations on deforestation-free Products, requiring firms that want to export to the EU to comply with them, she said. The regulations help ensure that the products its citizens consume do not contribute to deforestation or forest degradation worldwide. Ms Fu added that sourcing from suppliers that practise sustainable agriculture reduces the risk of supply disruptions caused by environmental events or regulatory changes. It also helps companies reduce reputational risk by ensuring that operations are environmentally responsible, she added. 'Singapore remains committed to supporting sustainable agribusinesses despite not having a significant traditional agriculture industry,' said Ms Fu, adding that the Republic is a finance hub for many agribusinesses and commodity trades in the region and that it is growing its local agri-tech sector. 'Climate change waits for no one. We need to maintain the momentum of climate action in spite of the global headwinds and keep a steady course in achieving the green transition,' said Ms Fu. Chin Hui Shan is a journalist covering the environment beat at The Straits Times. Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Times
26-05-2025
- Business
- Business Times
Singapore, Netherlands' biggest growth opportunities lie in green and digital transitions, circular economy sectors: Grace Fu
[SINGAPORE] As Singapore and the Netherlands mark 60 years of bilateral relations, the future of their partnership could lie in areas such as green and digital transitions, climate and water management, circular economy and global supply chains. Making this point was Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations Grace Fu at an event on Monday (May 26) evening. Speaking at this year's Winsemius Awards, which coincided with the 35th year of the Dutch Chamber of Commerce (DutchCham) in Singapore, she noted the growing ties between the two countries. The Winsemius Awards, named after Dutch economist Dr Albert Winsemius, recognises excellence in areas such as innovation, sustainability and business achievement among Dutch and Singaporean companies operating in Singapore. Today, the Netherlands is Singapore's second-largest European Union investor and its third-largest trading partner for goods, with nearly 2,000 Dutch companies operating in Singapore. 'Together, we have built globally connected ports, developed smart urban ecosystems, and advancing pioneering solutions in renewable energy and the circular economy,' said Fu. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'Our partnership thrives because we share common values of openness, innovation and a commitment to sustainable growth.' In her speech, she outlined four areas with strong potential for further collaboration. The first is in transitioning to green energy and adopting technology to create smarter cities. 'Dutch innovations in areas like offshore wind and quantum computing pair naturally with Singapore's efforts to green our energy sources and build digital economies,' she said. The second is climate adaptation and water management, priorities for Singapore as it develops long-term strategies for coastal protection and urban resilience, in which the Netherlands remains a global leader. Fu also pointed to the circular economy as a promising space. Both countries are advancing sustainable urban living and there is growing scope for collaboration among businesses, researchers and policymakers to create solutions that make sustainability a reality today, she added. Lastly, she noted the importance of supply chain resilience and building digital trade networks. As global supply chains face growing pressures from climate risks and geopolitics, she said that Singapore and the Netherlands as 'trusted, connected trading hubs' can collaborate. Anneke Adema, ambassador of the Netherlands to Singapore and Brunei, described the investment relationship between Singapore and the Netherlands as a 'two-way street'. She highlighted four key similarities between Singapore and the Netherlands that contribute to the successful relationship – both countries are outward-looking, driven by innovation, share a strong entrepreneurial spirit and have mutual trust. Among the accolades presented at the awards ceremony organised by DutchCham was the Winsemius Red Orange Award, which highlights the longstanding partnership between the two nations. This was presented to sustainability consulting engineer Haskoning. The Business Achievement Award recognises organisations for strong performance, sustained growth and meaningful innovation that has strengthened the Dutch business presence in Singapore. The award went to manufacturing company Walraven. Fairmont Singapore and Swissotel Stamford clinched the Community Impact Award, which honours companies with notable contributions to local communities.
Business Times
23-05-2025
- Business
- Business Times
Singapore inks carbon credit transfer deal with Paraguay
[SINGAPORE] Singapore has inked a carbon credit transfer agreement with Paraguay, the seventh country to sign such an agreement with the Republic, after Papua New Guinea, Ghana, Bhutan, Peru, Chile and Rwanda. The partnership sets out a framework for the generation and international transfer of carbon credits between Singapore and the South American nation, said the Ministry of Trade and Industry (MTI) in a press release on Friday (May 23). The agreement is aligned with Article 6 of the Paris Agreement, which governs rules on the bilateral and international transfer of carbon credits. Under Article 6, Paraguay will have to increase its reported emissions by the amount of carbon credits it has transferred to Singapore, to avoid double counting. One carbon credit represents a reduction, avoidance or removal of one tonne of carbon dioxide equivalent. Project developers can utilise this framework to develop high-quality carbon credit projects that are aligned with Article 6, said MTI. It added that information on the process for authorisation of these carbon credits projects and eligible carbon crediting methodologies will be published in time. MTI said that this collaboration will advance both countries' climate ambitions by directing financing that could support climate mitigation efforts in Paraguay. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up The carbon mitigation projects authorised under the agreement will promote sustainable development and deliver tangible benefits to local communities, such as creation of jobs and reduction of environmental pollution, the press release indicated. Singapore has been accelerating its pace in securing these carbon credits deals over the last two months. After the first agreement was signed with Papua New Guinea in December 2023 at the United Nations climate change conference in Dubai, the deal with Ghana came about six months later. The one with Bhutan was finalised about nine months after that, in February this year. The agreements with Peru, Chile, Rwanda and Paraguay all took place in the span of the last two months. The agreement with Paraguay was signed by Singapore's Minister for Sustainability and the Environment and Minister-in-Charge of Trade Relations, Grace Fu, as well Paraguay's Minister of Environment and Sustainable Development, Rolando de Barros Barreto. Fu said that both countries are committed to fostering sustainable development and economic cooperation, and this agreement marks a milestone in Singapore and Paraguay's partnership. 'I look forward to seeing companies leverage this agreement to develop tangible projects that drive real emissions reductions,' she added.
CNA
20-05-2025
- Business
- CNA
Singapore, the Netherlands mark 60 years of bilateral ties with new economic partnerships
SINGAPORE: New business partnerships between Dutch and Singapore companies were inked on Monday (May 19) as both countries celebrated 60 years of diplomatic ties. Singapore's Minister-in-charge of Trade Relations Grace Fu said the country is committed to growing such partnerships by leveraging on both nations' strategic locations. These new partnerships, including one between a Singaporean software firm and a Dutch-founded travel app, were launched across the semiconductor and tourism industries. In a speech at a showcase lunch held at Fullerton Bay Hotel, Ms Fu highlighted the deep economic ties between Singapore and the Netherlands that stretch back several decades. For example, Dutch multinational health technology firm Phillips set up shop in Singapore in 1951 before establishing its first manufacturing facility in Boon Keng in 1968, she noted. 'These early investments reflect the long-standing trust and cooperation between our two countries,' Ms Fu said. The Netherlands is now Singapore's second largest European Union investor and the second largest investment destination for Singapore within the bloc, she said, adding that both countries are strengthening collaboration in sustainability, digitalisation and innovation. 'Initiatives like the Singapore-Rotterdam green and digital shipping corridor … reflect our shared ambition to pioneer solutions in areas such as sustainable shipping, advanced manufacturing and smart mobility," added Ms Fu, who is also Minister for Sustainability and the Environment. SEMICONDUCTOR PARTNERSHIPS A Memorandum of Understanding (MOU) was signed between Dutch manufacturer of lithography equipment SCIL Nanoimprint and Singapore Deep-Tech Alliance (SDTA), a locally-based venture investor focusing on developing and supporting cutting-edge technologies. The MOU will allow SCIL, which makes advanced nanoimprint lithography equipment, to expand into Singapore and the Southeast Asian region via SDTA's partnership with another Dutch venture investor HighTechXL. HighTechXL counts ASML, the world's biggest supplier of computer chip-making equipment, among its shareholders and investors. Another tie-up is between Dutch company Sioux Technologies and local firm Applied Angstrom Technology Pte Ltd. Both companies signed a Letter of Intent for a research and development programme. They will be collaborating on a joint semiconductor control platform. TOURISM VENTURES An agreement was also signed between Dutch company Meetingselect, a global meeting and event venue booking marketplace, and local hospitality group Millennium Hotels and Resorts (MHR). Both firms are working on a global venue partnership, with Meetingselect's customers being offered destination experiences and venues via MHR's 145 hotels and properties worldwide. Another tourism collaboration was marked by a contract signing between local software company GlobalTix and Dutch-founded travel app and telecom provider Firsty. Both companies are now able to increase reach and access for their users by tapping on each other's technologies to provide booking and ticketing services. BILATERAL SUPPORT VITAL FOR EXPANSION Two other Singapore companies that have integrated their businesses in the Netherlands told CNA about their positive experience with setting up operations, as well as the support they received from government agencies in both countries. Local battery manufacturer Durapower expanded to the Netherlands a decade ago and has been operating there since, aligning with the European country's push for electrification. The firm started off by powering electric buses and trucks. It currently also supplies batteries for autonomous vehicles at the port of Rotterdam, as well as cranes and marine vessels. Durapower's CEO Kelvin Lim told CNA that it was quite an efficient process to set up a business in the Netherlands. 'We didn't have a lot of challenges … with regards to registration. We had a lot of help from NFIA (Netherlands Foreign Investment Agency), both from Singapore and from the Netherlands. We also (had) great support from Enterprise Singapore,' he said. He added that the assistance provided to Durapower made the process very easy and efficient, and noted that the Netherlands remains a business-friendly gateway to the rest of the region. "Europe remains a very important market for us and as we expand into the other parts of Europe, we wanted to use (the) Netherlands as our base and create a network effect to enable us to expand further,' he said. Mr Lim added that the firm is planning to expand its team in the Netherlands, as well as set up local manufacturing capabilities in the future. Durapower also took part in a Letter of Intent signing during the showcase event. Another company that received support from Singapore and Dutch agencies during its expansion to the Netherlands was global logistics service provider BHS, which provides specialised engineered solutions for semiconductor factories. The company said it ensures safe, precise and reliable handling of critical manufacturing assets for such factories. The firm marked its first step into Europe with its move to the Netherlands last year. Enterprise Singapore and NIFA provided regulatory and migration support to BHS for their move, which brought the company closer to its clients and deeper into the market. The company said such support is crucial for any business looking to expand into the Netherlands, where it has recently established an engineering centre. NFIA also highlighted its support in assisting BHS with establishing an entity in the Netherlands, noting the company's strengthening of the Dutch semiconductor value chain. "Netherlands is one of the biggest hubs for technology,' said its CEO Mr Bryan Lim. 'Startups - there are aplenty. We're hoping to see whether we can support those internationalising companies moving out of the Netherlands, going to the countries that we are already having an office in.'
