Minister for Trade and Industry Chan Chun Sing and Australia’s Minister for Trade, Tourism and Investment Simon Birmingham has signed the Singapore-Australia Digital Economy Agreement (SADEA) electronically via a videoconference on August 6.
This is the second digital economy agreement that Singapore has signed, following the signing of the agreement with Chile and New Zealand in June.
The SADEA with Australia enables both countries to create a seamless digital trading environment which is crucial for businesses during the COVID-19 pandemic. The agreement will also facilitate trusted cross-border data flows without unnecessary and costly requirements such as data localisation while protecting consumers’ privacy and businesses’ proprietary information.
Following the signing, agencies from both countries will identify specific projects under the seven Memoranda of Understanding (MOUs) signed in March. These projects include initiatives such as e-certification for the import and export of goods, cross-border data sharing projects, the connection of National Single Windows, and cross-border data sharing projects.
“The signing of the Singapore-Australia Digital Economy Agreement marks a milestone in the long-standing and multi-faceted partnership between our two countries,” says Chan.
“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,” he adds.
