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April 8th, 2021

Digital Economy Agreements Singapore

CeECs also include the obligation to work towards mutual recognition of digital identification systems and to allow access to data to promote the development of new digital products, services and solutions. The multimedia project, which used augmented reality technology, highlighted the creativity and innovation that the Southeast Asian nation will need more to embark on a different digital future. The Digital Economy Agreement will make it easier to digitize business processes and make Singapore`s businesses easier and cheaper to conduct cross-border business with Australia, said Trade and Industry Minister Chan Chun Sing. “Sometimes it`s too complicated to involve everyone at the same time. We are moving forward with those who are best able to do it first, and it will catalyze the rest to get on board in the future. This is how we imagine the development model of the digital economy agreements. “The agreement builds on Australia and Singapore`s leading role in negotiating new international e-commerce rules within the World Trade Organization (WTO) to better facilitate the growing volume of digital commerce around the world. Digital identifiers (z.B. The Singapore CorpPass) provides data from state-controlled sources to create a digital user profile. Digital identifiers optimize, among other things, business processes, including business registrations and the opening of corporate bank accounts, significantly. Complicated processes such as customer Know-Your (KYC) reviews and billing can also be done quickly. Through AEDs, we hope to work with partners to facilitate initiatives that promote compatibility between different digital identity systems.

Trade and Industry Minister Chan Chun Sing and Australian Minister of Trade, Tourism and Investment Simon Birmingham today signed the Singapore-Australia Electronic Agreement (SADEA) in a video conference. 2.M Chan said: “The signing of the Singapore-Australia Digital Economy Agreement is an important step in the long-standing and multifaceted partnership between our two countries. SADEA will facilitate the digitization of business processes and make Singapore`s businesses easier and less expensive to conduct cross-border business with Australia. As COVID-19 forces companies to consider innovative ways to reach their customers and adapt to a new type of business, agreements like SADEA will enable our companies to seize the opportunities offered by the digital economy and develop new technologies to create new digital products and services. 3. Singapore and Australia have significant bilateral trade flows and investments, and ASDEA builds on this basis to improve digital economic opportunities. With ASDEA, Singapore and Australia want to create a flawless digital environment that is essential for businesses during this COVID 19 pandemic. It will also enable reliable cross-border data flows without unnecessary and costly requirements, such as geolocation of data, while protecting consumer privacy and business-owning information. 4. To support these actions, Singapore and Australian agencies will identify specific projects under the seven Memorandums of Understanding (MOUs) signed in March this year, generating tangible benefits and opportunities for companies in their implementation. 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; cross-border data-sharing projects.

5. SADEA is the second digital economy agreement signed by Singapore following the signing of the Digital Economy Partnership Agreement (DEPA) with Chile and New Zealand last June.

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