The European Union (EU) has signed its first-ever digital trade agreement with Singapore.
Source: European Commission
Both the EU and Singapore aim to set “a high standard for digital trade rules … and raise the ambition of digital trade rules globally,” according to a European Commission statement.
The agreement aims to build on growing trade between the two blocs and follows a free trade agreement signed in 2019. In 2022 more than half of total bilateral trade in services was digitally delivered.
The deal covers protection of privacy and personal data, customs duties on electronic transmissions, electronic contracts, electronic authentication and trust services, online consumer trust, unsolicited direct marketing communications, open government data, and regulatory cooperation on digital trade.
At a time of widespread US tariffs, the agreement marks an interesting development – and indicates how digital trade is already as important as physical movements in today’s era of high tech growth.
In 2024, total trade between the EU and Singapore was valued at €130bn.
