Digital Economy Agreement Singapore Australia

Singapore and Australia have officially signed an agreement on the digital economy after months of negotiations. This is the second such pact, after a first with New Zealand and Chile, that the Singapore government has concluded in several areas of cooperation, including cross-border data flows, digital payments and artificial intelligence (AI). Singapore and Australia benefit from significant bilateral trade and investment flows and SADEA is building on this foundation to improve economic opportunities in the digital realm. With SADEA, Singapore and Australia want to create a seamless digital trading environment that is crucial for businesses during this COVID-19 pandemic. It will also enable reliable cross-border data flows without unnecessary and costly requirements, such as data localisation, while protecting consumer privacy and business proprietary information. Improving economic opportunities in the digital field “Covid-19 forcing companies to consider innovative ways to reach customers and adapt to a new type of business activity, agreements such as Sadea will enable our companies to seize the opportunities offered by the digital economy and use new technologies to create new digital products and services”, Chan said. In a joint statement, the two countries acknowledged their bilateral trade relations and said the Digital Trade Pact will build on this foundation to improve economic opportunities in the digital field. Singapore focuses on digital transformation worth $352 million to help businesses cope with the effects of the pandemic Trade and Industry Minister Chan Chun Sing and Australian Trade, Tourism and Investment Minister Simon Birmingham signed electronically today, during a video conference, the Singapore-Australia Digital Economy Agreement (SADEA). 2.

Chan said: “The signing of the Singapore-Australia Digital Economy Agreement marks a milestone in the long-standing and multifaceted partnership between our two countries. SADEA will facilitate the digitization of business processes and make it easier and cheaper for Singaporean companies to conduct cross-border activities with Australia. With Covid-19 forcing companies to find innovative ways to reach customers and adapt to a new type of business, agreements such as SADEA will enable our companies to seize the opportunities offered by the digital economy and use new technologies to create new digital products and services.¬†Singapore and Australia benefit from significant bilateral trade and investment flows and ASDEA is building on this foundation to improve economic opportunities in the digital field. With SADEA, Singapore and Australia want to create a seamless digital trading environment that is crucial for businesses during this COVID-19 pandemic. It will also enable reliable cross-border data flows without unnecessary and costly requirements, such as data localisation, while protecting consumer privacy and business proprietary information. 4. To this end, Singapore and australian agencies will identify, under the seven Memorandums of Understanding (MOUs) signed last March, specific projects that, in their implementation, will bring tangible benefits and opportunities to businesses. These include initiatives such as connecting National Single Windows; electronic certification for the import and export of goods; sharing and verifying electronic business documents using Distributed Ledger technology; and cross-border data exchange projects. . . .

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