The deal was inked by Singapore’s Trade and Industry Minister Chan Chun Sing and Australia's Minister for Trade, Tourism and Investment Simon Birmingham.
The Singapore-Australia Digital Economy Agreement (Sadea) will facilitate digitalisation of trade processes and make it easier and more cost-effective for Singapore companies to engage in cross-border business activities with Australia.
The agreement builds on Singapore and Australia's strong bilateral trade and investment flows to enhance economic opportunities in the digital realm, said a joint statement issued by Singapore’s Ministry of Trade and Industry, Ministry of Communications and Information, and Infocomm Media Development Authority.
Singapore, along with Australia and Japan, is a co-convener of the Joint Statement Initiative on E-Commerce at the World Trade Organisation (WTO).
The Sadea will enable trusted cross-border data flows without unnecessary and costly requirements such as data localisation. It will also protect consumers' privacy and businesses' proprietary information.
It is the second digital economy pact that Singapore has signed, following the Digital Economy Partnership Agreement with Chile and New Zealand in June.
Singapore has also launched negotiations on a digital partnership agreement with the Republic of Korea./.