The European Union and Singapore concluded their negotiations on a digital trade agreement in Belgium’s capital Brussels on July 25.
The EU-Singapore Digital Trade Agreement (EUSDTA) will provide clarity and legal certainty for companies and consumers on the rules for digital trade between Singapore and the EU, and strengthen digital connectivity and interoperability between the two markets, the Ministry of Trade and Industry (MTI) said in a statement.
Talks to secure a digital pact with the EU, which is one of Singapore’s top trading partners for both goods and services, began in July 2023.
Digital trade refers to commerce enabled by electronic means, using devices such as mobile phones and computers, and covers trade in both goods and services across all sectors of the economy.
A joint statement on the conclusion of negotiations said the EU and Singapore will now proceed with their domestic approval processes to work towards the formal signing and conclusion of the agreement.
No date was announced for when the deal will come into force.
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