Singapore signs digital economy pact with Australia
Singapore and Australia have signed a digital economy agreement that will open up economic opportunities for both countries during a virtual ceremony on August 6.
Australia's Minister for Trade, Tourism and Investment Simon Birmingham (Photo: AFR)
Singapore (VNA) – Singapore and Australia have signed a digital economyagreement that will open up economic opportunities for both countries during avirtual ceremony on August 6.
The deal wasinked by Singapore’s Trade and Industry Minister Chan Chun Sing and Australia'sMinister for Trade, Tourism and Investment Simon Birmingham.
TheSingapore-Australia Digital Economy Agreement (Sadea) will facilitatedigitalisation of trade processes and make it easier and more cost-effectivefor Singapore companies to engage in cross-border business activities withAustralia.
The agreementbuilds on Singapore and Australia's strong bilateral trade and investment flowsto enhance economic opportunities in the digital realm, said a jointstatement issued by Singapore’s Ministry of Trade and Industry, Ministry ofCommunications and Information, and Infocomm Media Development Authority.
Singapore,along with Australia and Japan, is a co-convener of the Joint Statement Initiativeon E-Commerce at the World Trade Organisation (WTO).
The Sadea willenable trusted cross-border data flows without unnecessary and costlyrequirements such as data localisation. It will also protect consumers' privacyand businesses' proprietary information.
It is thesecond digital economy pact that Singapore has signed, following the DigitalEconomy Partnership Agreement with Chile and New Zealand in June.
Singapore hasalso launched negotiations on a digital partnership agreement with the Republicof Korea./.
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Australia's Minister for Trade, Tourism and Investment Simon Birmingham (Photo: AFR) 
