Singapore and Australia sign digital economy agreement

It aims to enable trusted cross-border data flows without unnecessary and costly requirements.

The Ministry of Trade and Industry (MTI) Chan Chun Sing and the Minister for Trade, Tourism and Investment have signed the Singapore-Australia Digital Economy Agreement (SADEA) electronically during a video conference, a press release revealed.

“The SADEA will facilitate digitalisation of trade processes and make it easier and more cost effective for Singapore companies to engage in cross border business activities with Australia. As COVID-19 forces businesses to consider innovative ways to reach customers and adapt to a new way of doing business, agreements like the SADEA will allow our companies to take advantage of opportunities in the digital economy and tap on new technologies to create new digital products and services,” said Minister Chan Chun Sing.

This builds on Singapore and Australia’s bilateral trade and investment flows. With the SADEA, Singapore and Australia aim to create a seamless digital trading environment in light of the COVID-19 pandemic. It will also enable trusted cross-border data flows without unnecessary and costly requirements such as data localisation, whilst protecting consumers’ privacy and businesses’ proprietary information.

In the same vein, Singapore and Australian agencies will identify specific projects under the seven Memoranda of Understanding (MOUs) signed in March, that will lead to tangible benefits and opportunities for businesses when implemented. These include initiatives such as the connection of National Single Windows, e-certification for import and export of goods, sharing and verification of electronic trade documents using distributed ledger technology, and cross-border data sharing projects.