Singapore Australia Digital Trade Agreement

By October 8, 2021 Uncategorized No Comments

To this end, Singapore and the Australian authorities will identify, as part of the seven memoranda of Understanding (MOUs) signed last March, specific projects that, in their implementation, will bring tangible benefits and opportunities to businesses. 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; and cross-border data exchange projects. Singapore is focusing on the $352 million digital transformation to help businesses cope with the pandemic “Covid-19 forcing companies to find innovative ways to reach customers and adapt to a new type of business, agreements such as 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. “Said Mr. Chan. For more details on the Singapore Agreement on the Digital Economy, the full text of SADEA and information on the different MOUs, see: www.mti.gov.sg/Improving-Trade/Digital-Economy-Agreements. “The agreement builds on the leading roles of Australia and Singapore in negotiating new international e-commerce rules in the WTO, to facilitate the growing volume of digital trade around the world.” The Singapore-Australia digital economy agreement was signed virtually on Thursday during a video conference between Singapore`s Minister of Trade and Industry Chan Chun Sing and Australia`s Minister of Trade, Tourism and Investment Simon Birmingham. Talks between the two countries began last October, before ending in March, as the two sides agreed to put in place a framework that would facilitate “closer cooperation” to “shape” international rules and establish interoperability between digital systems. In 2018, Australia signed a similar agreement with Britain to help Fintechs obtain licenses and enable closer cooperation between the Australian Securities and Investments Commission and the UK`s Financial Conduct Authority. After months of negotiations, Singapore and Australia have officially signed an agreement on the digital economy. . . .