On February 1, European Commissioner for the Internal Market Thierry Breton and Singapore Minister of Industry and Trade S. Iswaran signed the European Union (EU) - Singapore Digital Partnership. The framework aims to bolster investments, trade, and cooperation in key areas such as semiconductors, trusted data flows & innovation, digital trust, standards, digital trade facilitation, digital skills for workers, and the digital transformation of businesses & public services. After the signing of the Digital Partnership, an inaugural Digital Partnership Council was held to set the agenda for the year ahead. For 2023, the EU and Singapore agreed on e-identification, artificial intelligence (AI) governance, and the digital transformation of SMEs as priorities.
The Digital Partnership is the first step towards negotiating a legally binding trade agreement between the EU and Singapore that facilitates cross-border data flows, enables cost savings with electronic trade documentation and authentication, and ensures greater consumer protection when purchasing goods and services online. Singapore has been a global leader in negotiating bilateral digital trade and economic agreements. Such agreements can essentially enable individuals and businesses from both parties to digitally transact more seamlessly at lower costs. Commissioner Breton and Minister Iswaran hope to increase partnerships with the private sector through this initiative. The Digital Partnership is part of the EU’s 2030 Digital Decade policy program which works towards sustainable digital transformation in the EU.
