Singapore and the EU concluded the EUSDTA in February 2023, enhancing their robust trade relations. Key features include legal electronic documents for trade and seamless cross-border data transfers.
Conclusion of the Digital Trade Agreement
In February 2023, Singapore and the European Union (EU) concluded the EU-Singapore Digital Trade Agreement (EUSDTA). This significant milestone marks the first steps toward finalizing a comprehensive digital trade framework.
Strong Trading Relationship
Singapore and the EU have enjoyed a robust trading relationship, underscored by the EU-Singapore Free Trade Agreement that came into force in 2019. By 2023, the EU had become Singapore’s fourth-largest goods trade partner, with trade reaching over S$105 billion (US$80.3 billion). Additionally, the EU was Singapore’s second-largest services trade partner, with trade amounting to S$98 billion (US$74.9 billion).
Key Features of the EUSDTA
The EUSDTA facilitates electronic import, export, and transit of goods documents, giving these electronic versions the same legal standing as their paper counterparts. Furthermore, it allows businesses to transfer data seamlessly across territories, effectively eliminating unnecessary trade barriers.
| This article was first published by ASEAN Briefing , which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, and India . Readers may write to [email protected] for more support. |
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