The Ministry of Trade and Industry (“MTI“) announced the conclusion of negotiations on the European Union (“EU“)-Singapore Digital Trade Agreement (“EUSDTA“) on 25 July 2024.
The EUSDTA aims to provide clarity and legal certainty for companies and consumers on the rules for digital trade between Singapore and the EU, and strengthen digital connectivity and interoperability between the respective digital markets. It comprises commitments between the nations to enable open and secure data flows, facilitate end-to-end digital trade, and establish trusted and secure digital systems.
The EUSDTA includes the following key features:
- Legally binding rules to prohibit data localisation requirements and uphold the protection of personal data;
- Allowing for more seamless and cost-efficient transactions;
- Protecting against forced transfers of technology and intellectual property;
- Protecting consumers from unfair practices and spam; and
- Promoting cooperation, including enhancing opportunities for Small and Medium Enterprises to participate in the digital economy.
The EUSDTA builds on the EU-Singapore Digital Partnership, which is an overarching framework for all bilateral digital economy cooperation, as well as the Digital Trade Principles which outline the scope of a possible digital trade agreement and marked the first step toward the EUSDTA.
Click on the following link for more information:
- MTI Press Release titled “Singapore and the European Union conclude negotiations on a Bilateral Digital Trade Agreement” (available on the MTI portal at www.mti.gov.sg)
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