Australia and Singapore scope landmark digital economy agreement

Australia and Singapore are continuing to lead the way on digital trade through a landmark agreement that will harness digital transformation and technology to expand trade and economic ties in our region.

Following discussions in June in Singapore between Prime Ministers Scott Morrison and Lee Hsien Loong, work on a landmark Australia-Singapore Digital Economy Agreement commenced, with the aim to deepen the bilateral economic relationship, promote greater connectivity and provide ambitious standards for the region’s digital economy.

Today, Trade Ministers Simon Birmingham and Chan Chun Sing agreed on the scope of the Agreement, which covers a broad range of new areas of bilateral cooperation, including digital trade facilitation, e‑invoicing, e-payments, FinTech, digital identity and artificial intelligence.

Australia and Singapore will also explore the role of data in the digital economy and work together to foster trust, promote a safe online environment and improve personal data protection.

“Southeast Asia’s digital economy is growing rapidly. Connectivity and internet use across the region is increasing with a rising number of businesses and consumers now engaged in cross-border digital commerce,” Minister Birmingham said.

“Half of Australian businesses are already engaged in the digital economy in some way, and this number is growing exponentially. This agreement will ultimately deliver practical improvements that lower the costs and increase the efficiency of doing business.

“This Agreement will expand the scope of our economic engagement and provide new opportunities for businesses and consumers to benefit from the digital economy, modernising our economic relationship with Singapore.

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Source: Australia and Singapore scope landmark digital economy agreement | Mirage News