On 1 February, Singapore and the European Union (EU) signed the EU-Singapore Digital Partnership (EUSDP), which aims to advance cooperation on the full spectrum of digital issues and boost participation in the digital economy. Key areas of collaboration include digital trade facilitation, trusted data flows, electronic payments, and standards, as well as emerging areas such as artificial intelligence, digital identities, and 5G/6G communication networks.
As a first deliverable of the EUSDP, Singapore and the EU agreed upon a set of Digital Trade Principles on the same day. The Digital Trade Principles are the first step towards a legally binding digital trade agreement between the EU and Singapore that facilitates cross-border data flows, enables cost savings through the use of electronic trade documentation and authentication, and ensures that consumers enjoy greater protection when purchasing goods and services online.
The EUSDP is the third digital partnership that the EU has signed with key economies in Asia. The first digital partnership was concluded in May 2022 with Japan at the 28th EU-Japan Summit. The second was signed with the Republic of Korea in November 2022.
Over recent years, an increasing number of economies have inked Digital Economy and Digital Trade agreements with each other through bilateral or multilateral agreements (see table below). This focus on digital economy arrangements has been driven in part by the increased ease with which countries can engage in cross-border financial flows, stronger (though not perfect) consumer data protection regimes and dispute management mechanisms, and the increased implementation of technical solutions to digital trade; for example, the implementation and increased use of the E-PEPPOL e-invoicing standard across trade ‘Single Window’ paperwork submission systems.
List of Digital Economy Agreements/Digital Trade Agreements (as of 8 Feb 2023)
| Economies / Name of Agreement | Links |
| EU-Singapore Digital Partnership (EUSDP) / signed 1 Feb 2023 | SG MTI | EU |
| Korea-Singapore Digital Partnership Agreement (KSDPA) / effective 14 Jan 2023 | SG MTI | KR MOTIE |
| Digital Economy Partnership Agreement (DEPA) – Singapore, Chile, New Zealand – with Korea announcing its intention to join DEPA in Sep 2021 / effective 12 Jun 2020 | SG MTI | NZ MFAT | CL SUBREI |
| United Kingdom-Singapore Digital Economy Agreement (UKSDEA) / effective 14 Jun 2022 | SG MTI | UK DIT |
| Singapore-Australia Digital Economy Agreement (SADEA) / effective 8 Dec 2020 | SG MTI | AU DFAT |
| United Kingdom-Ukraine Digital Trade Agreement (DTA) / effective 30 Nov 2022, part of an add-on to the existing UK-Ukraine Free Trade Agreement, effective 9 Nov 2020 | UK DIT | UA MEDT |
Source: Access Partnership, 2023
As can be seen from the table, Access Partnership and the Fair Tech Institute are tracking the digital economy and digital trade agreements closely. If you have information to add to the table or if you would like to request an expert briefing on this issue or more information on digital trade agreements, please contact Li Xing at [email protected] or Lim May-Ann at [email protected].
