Singapore, Chile, New Zealand ink digital partnership

Local businesses may look forward to improved efficiency and reduced cost in overseas trading.

Minister for Trade and Industry Chan Chun Sing, New Zealand’s Minister for Trade and Export Growth David Parker and Chile’s Minister of Foreign Affairs Teodoro Ribera Neumann have signed the Digital Economy Partnership Agreement (DEPA), which will deepen Singapore, Chile and New Zealand’s collaboration in the digital economy, an announcement revealed.

The DEPA is the first digital economy agreement that Singapore has concluded and signed. It aims to create opportunities offered by digital connectivity in enabling business continuity during the ongoing COVID-19 pandemic.

With this agreement, Singapore businesses can look forward to benefits such as improved efficiency, reduced cost and increased trust when conducting business and trading digitally with their overseas partners in these two countries.

The DEPA parties have begun to embark on joint projects to operationalise key aspects of the DEPA. For example, Singapore is working with New Zealand on the International Connectivity System (ICS), which will include the exchange of e-certificates for animal products such as meat and meat products with New Zealand.

Businesses are also encouraged to participate in Singapore’s digitalisation initiatives, such as the SME Go Digital programme and Nationwide E-invoicing Network, which are aligned with DEPA, to reach more international markets and enjoy the benefits of participating in the digital economy.