EU and Singapore conclude negotiations for landmark Digital Trade Agreement
Today, the EU and Singapore concluded negotiations for a Digital Trade Agreement (DTA). This deal is the first EU agreement of its kind, reflecting the EU’s aspiration to be a global standard-setter for digital trade rules and cross-border data flows.
The DTA will complement the 2019 EU-Singapore Free Trade Agreement, connecting both economies further and benefiting businesses and consumers that want to engage in digital trade. It will also provide binding rules that build consumer trust, ensure predictability and legal certainty for businesses, as well as removing and preventing the emergence of unjustified barriers to digital trade. In addition, it will unlock new economic opportunities while ensuring a safe online environment. The EU and Singapore will now follow their respective procedures to work towards formal signature and conclusion.
Executive Vice-President and Commissioner for Trade, Valdis Dombrovskis, said: “Building smart, modern rules for digital trade with our global partners is crucial at a time when more than half of EU trade in services is delivered digitally. Today’s deal with Singapore, the first agreement of its kind, will benefit businesses and consumers on both sides, bringing our economies closer together, while representing a significant step forward for the EU’s ambition to be a global standard-setter in the domain of digital trade.”
