Singapore Australia Digital Economy Agreement

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, Minister of Trade and Industry Chan Chun Sing, and Australian Minister of Trade, Tourism and Investment Simon Birmingham signed electronically today, during a video conference, the Singapore-Australia Digital Economy Agreement (SADEA). 2.M Chan said: „The signing of the Singapore-Australia Digital Economy Agreement marks a milestone in the long-standing and multifaceted partnership between our two countries. SADEA will facilitate the digitization of business processes and make it easier and cheaper for Singaporean companies to conduct cross-border activities with Australia. With 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 use new technologies to create new digital products and services.┬áSingapore and Australia benefit from significant bilateral trade and investment flows and ASDEA is building on this foundation to improve economic opportunities in the digital field. With SADEA, Singapore and Australia want to create a seamless digital trading environment that is crucial for businesses during this COVID-19 pandemic. It will also enable reliable cross-border data flows without unnecessary and costly requirements, such as data localisation, while protecting consumer privacy and business proprietary information. To support this, Singapore and Australian agencies will identify, under the seven Memorandums of Understanding (MOUs) signed in March this year, 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. 5. SADEA is the second Digital Economy Agreement signed by Singapore after the signing of the Digital Economy Partnership Agreement (DEPA) with Chile and New Zealand last June. 6. 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. Ministry of Communications and Information 6. August 2020 Singapore and Australia benefit from significant bilateral trade and investment flows and SADEA is building on this foundation to improve economic opportunities in the digital realm. With SADEA, Singapore and Australia want to create a seamless digital trading environment that is crucial for businesses during this COVID-19 pandemic. It will also enable reliable cross-border data flows without unnecessary and costly requirements, such as data localisation, while protecting consumer privacy and business proprietary information.

OW also implies the obligation to work towards the mutual recognition of digital identification systems and access to data in order to foster the development of new digital products, services and solutions. The Singapore-Australia Digital Economy Agreement (Sadea) builds on strong bilateral trade and investment flows from Singapore and Australia to improve economic opportunities in the digital field, says the joint statement by the Department of Trade and Industry, the Department of Communication and Information and the Infocomm Media Development Authority. . . .

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