Today, the EU and Singapore have successfully concluded their negotiations for a Digital Trade Agreement (DTA). This agreement, a first for the EU, demonstrates its commitment to setting global standards for digital trade rules and cross-border data flows.
The DTA, a valuable addition to the 2019 EU-Singapore Free Trade Agreement, will further connect both economies and bring significant benefits to businesses and consumers engaged in digital trade. It will establish binding rules to enhance consumer trust, provide predictability and legal certainty for businesses, and eliminate unjustified barriers to digital trade. Additionally, it will unlock new economic opportunities while prioritising a secure online environment.
This agreement will enhance trade relations between the EU and Singapore by promoting digitally-enabled trade in goods and services, facilitating cross-border data flows without unnecessary barriers, and improving trust in digital trade, including through solid rules on spam. It positions the EU and Singapore as leaders in digital policy development while maintaining open and equitable digital economies.
The agreement supports the EU’s approach to establishing digital and data rules focusing on people and their rights. It ensures that both the EU and Singapore have the flexibility to develop and implement policies to address new challenges in the digital economy. The political conclusion signals the end of negotiations for the EU-Singapore Digital Trade Agreement. The EU and Singapore will go through their procedures for formal signature and conclusion.
“Building smart, modern rules for digital trade with our global partners is crucial at a time when more than half of EU trade in services is delivered digitally. Today’s deal with Singapore, the first agreement of its kind, will benefit businesses and consumers on both sides, bringing our economies closer together, while representing a significant step forward for the EU’s ambition to be a global standard-setter in the domain of digital trade,” said Valdis Dombrovskis, Executive Vice-President and Commissioner for Trade.
In 2022, the EU led the world in importing and exporting digitally deliverable services, with 55% of the total EU trade in services being delivered digitally. This amounted to over €1.3 trillion in imports and exports. Digital delivery accounted for over half of the total trade in services between the EU and Singapore in 2022, amounting to €43 billion. The EU-Singapore Digital Trade Agreement is expected to enhance this trade connection further and create more growth opportunities.
