Singapore and the European Union (EU) have signed a partnership settlement to drive collaboration throughout a number of areas within the cross-border digital economic system. These embrace digital funds, trusted knowledge flows, 5G, synthetic intelligence (AI), and digital identities.
The EU-Singapore Digital Partnership offers an “overarching framework for all areas of bilateral digital cooperation” between the 2 companions, in keeping with a joint assertion launched Wednesday by Singapore’s Ministry of Commerce and Trade, Ministry of Communications and Data, and Infocomm Media GrowthAuthority.
The settlement additionally will embody efforts to drive digital upskilling for employees in addition to digital transformation of companies and public companies.
With the formalisation of the partnership, either side on Wednesday additionally signed the EU-Singapore Digital Commerce Rules, which paves the best way in direction of a legally binding digital commerce settlement between Singapore and the EU. The commerce ideas will facilitate cross-border knowledge flows, permitting for value financial savings with using digital documentation and authentication, in addition to present customers with larger safety for on-line purchases.
The 2 companions will develop pilot initiatives within the digitalisation and recognition of commerce administration and business paperwork, and e-invoicing to ease transactions and cut back value for companies.
Authorities officers from either side now will look to kick off additional collaboration in exchanging finest practices and growing initiatives throughout numerous areas, together with AI governance, cross-border digital transactions, and digital identities. Efforts additionally will help digital transformation of their respective small and midsize companies (SMBs).
As well as, bilateral cooperation in digital infrastructures will embrace knowledge centres and submarine telecommunications cables, as these are vital to facilitate cross-border connectivity. Each side additionally will drive the event and adoption of 5G applied sciences by means of use instances and potential collaboration in analysis and improvement trials.
Within the space of cybersecurity, Singapore and EU will proceed to companion up within the safety certifications and requirements, together with mutual recognition the place acceptable.
Each side additionally will change data on the semiconductor provide chain to anticipate potential disruptions in addition to collaborate in analysis and cybersecurity testing for semiconductors.
Singapore’s Minister-in-charge of Commerce Relations S. Iswaran mentioned: “The EU-Singapore Digital Partnership strengthens connectivity and interoperability between the digital markets of the EU and Singapore. It would allow our folks and companies to transact digitally extra seamlessly and at decrease prices.”
He added that the digital commerce ideas would supply “authorized certainty” for cross-border digital commerce between either side.
Singapore, which has a free trade agreement with the EU since November 2019, counts the EU as its fourth-largest items commerce companion globally, with bilateral commerce clocking SG$102 billion ($77.57 billion) in 2021.
The EU is also Singapore’s second-largest international investor and second-largest companies commerce companion, with bilateral commerce in companies crossing SG$67 billion. It’s Singapore’s largest abroad funding vacation spot.