Singapore carves digital trade deal with Europe

SINGAPORE is now in discussion with the European Free Trade Association (EFTA) on a digital economy agreement.

This was announced over video conference on Thursday (Feb 16) by Minister-in-charge of Trade Relations S Iswaran; Liechtenstein’s Minister for Foreign Affairs, Education and Sport and the EFTA council chair Dominique Hasler; Swiss Federal Councillor Guy Parmelin; Geneva’s ambassadors and permanent representatives to Iceland and Norway, Einar Gunnarsson and Petter Olberg, respectively.

The agreement will serve as a framework for digital trade and partnership between Singapore and EFTA states such as Liechtenstein, Norway, Iceland and Switzerland. It will also allow the five countries to strengthen end-to-end digital trade, enable cross-border data flows, as well as facilitate a secure digital environment. 

This move reflects Singapore and the EFTA states’ commitment to open and connected digital economies, said a joint statement by Singapore’s Ministry of Trade and Industry, Ministry of Communications and Information, and Infocomm Media Development Authority.

Added Iswaran: “(It will also) further strengthen our strong and growing bilateral economic relationship, enabling us to unlock new opportunities in the digital realm for our people and businesses.”

The EFTA-Singapore Digital Economy Agreement is Singapore’s fifth digital trade deal, the others being with Chile and New Zealand, Australia, the United Kingdom, and South Korea. It builds on and complements ongoing efforts, such as the World Trade Organization Joint Statement Initiative on Electronic Commerce, to ensure digital trade can take place with more legal predictability while building consumer confidence.

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