Singapore signs digital economy pact with Australia

Singapore and Australia have signed a digital economy agreement that will open up economic opportunities for both countries during a virtual ceremony on August 6.

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.

Australia's Minister for Trade, Tourism and Investment Simon Birmingham (Photo: AFR)

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./.

CPV/VNA
News Related

OTHER NEWS

Vietnam maintain position in latest FIFA rankings

The Vietnamese men’s national football team have held on to 94th place in the latest world rankings released by FIFA. Read more »

Vietnamese players in top 50 world badminton rankings

Vietnam’s No. 1 badminton player Nguyen Tien Minh was ranked 50th in the world in the latest Badminton World Federation (BWF) rankings in September. Read more »

ASEAN, Italy work on development partnership plan

The ASEAN Committee in Rome (ACR) will work to support the concretisation of the development partnership between ASEAN and Italy, said Vietnamese Ambassador to Italy Nguyen Thi Bich Hue. Read more »

Imrpoving sentiment lifts emerging East Asian bonds

(CPV) - Improving global investment sentiment and financial conditions provided a much-needed lift for local currency bond markets in emerging East Asia, despite risks from the coronavirus disease (COVID-19) pandemic, says the latest... Read more »

Singapore records first population contraction since 2003

Singapore’s population has shrunk for the first time since 2003 as travel curbs and job losses brought about by the COVID-19 pandemic have pushed foreign workers from the global business hub. Read more »

Vietnam to consider rare mammal saola as 2021 SEA Games mascot

Vietnamese organizers of the 2021 Southeast Asian (SEA) Games are expected to decide on the official mascot for the region’s largest sporting event next week, with a design of the endangered species saola... Read more »

Can Sài Gòn FC take the V.League 1 title?

Sài Gòn train to prepare for the match with Viettel in the V.League 1 today. — Photo Sài Gòn FC Football Thanh Nga Before the V.League 1 2020 season started, fans and pundits... Read more »

Phong Phú Hà Nam draw with Thái Nguyên T&T in national women’s football champs

Phong Phú Hà Nam vs Thái Nguyên T&T in the opening match of first leg of the National Women’s Football Championship on Tuesday. Photo vff.org.vn Football HÀ NAM — Dosts Phong Phú Hà... Read more »

Cambodia: new solar power plant put into operation

A 30MW solar power station located in Krakor district, Pursat province of Cambodia,has been connected to the country’s national grid as it enters its testing and commissioning phase. Read more »

Away days are just not the same anymore

by Paul Kennedy MAIN MANE: Sadio Mane scores for Liverpool against Chelsea in front of no supporters. AFP Photo I used to love going to away games when I was a kid. There’s... Read more »