Australia, Singapore Enters a Digital Trade Agreement
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In
a view to broaden economic engagement between the two countries, the Australia
and Singapore have signed a Digital Economy Agreement (DEA) in the first week
of August 2020. The agreement was signed in a virtual signing ceremony on
Thursday after negotiations were finalized in March.
The Australian Minister for Trade,
Tourism and Investment, Simon Birmingham said that the deal would be a major
boost to Australia's economic recovery from the coronavirus crisis and it would
help to expand the scope of our economic engagement with our largest two-way
trading partner in Southeast Asia.
He said, “As we begin the economic
recovery from COVID-19, this agreement will reduce barriers and boost opportunities
for Australian businesses to reach more customers and further tap into the
Singaporean market”. The agreement will deliver practical improvements to lower
costs and make it easier for exporters to do business, including in areas of
personal data protection, e-invoicing, paperless customs procedures, and
electronic certification for agricultural exports.
He also said that the agreement builds on Australia and Singapore's leading roles in negotiating new international rules on e-commerce in the World Trade Organization to better facilitate the growing volumes of digital trade across the globe. These are some of the most ambitious digital trade rules Australia has ever negotiated, and this agreement will serve as benchmark for other digital trade rule negotiations within our region”, Birmingham added.
