SINGAPORE, Feb 1 — The European Union (EU)-Singapore Digital Trade Agreement (EUSDTA), the republic’s largest bilateral digital economy agreement to date, came into force today.
The EUSDTA establishes rules for digital trade with all 27 EU member states. It delivers high-standard rules for digital trade and facilitates secure flows of data across borders, providing greater legal certainty and clarity for businesses and people transacting in the digital economy.
In a statement on Sunday, the Ministry of Trade and Industry said the agreement will boost end-to-end digital trade between both sides, while enhancing consumer welfare and the protection of personal data.
“The EUSDTA also reflects the EU and Singapore’s shared commitment to upholding a modern, open, and rules-based digital economy, enabling consumers and companies to benefit from strengthened economic connectivity between both sides.
“The entry into force of the EUSDTA is a key milestone in the EU-Singapore economic relationship, and complements the EU-Singapore Free Trade Agreement (EUSFTA), which entered into force in 2019,” it said.
Singapore’s Minister-in-charge of Trade Relations Grace Fu noted that the EUSDTA is an ambitious, high-standard agreement which will strengthen digital connectivity by promoting transparent and fair digital trade.
“The EUSDTA also strongly signals our commitment to working together to positively shape the global digital trade landscape, and ensure that Singapore and the EU remain well-positioned for growth amidst global economic headwinds,” she said. — Bernama
