Brussels: Europe and the Arabs
The European Union and Singapore today concluded negotiations on the Digital Trade Agreement (DTA). The deal is the first EU agreement of its kind, reflecting the EU's ambition to be a global standard-setter for rules for digital trade and cross-border data flows. According to what was stated in a statement issued in Brussels by the headquarters of the European Commission, which is the executive body of the Union
The statement added, “The EU-Singapore FTA will complement the 2019 FTA, further connecting the two economies and benefiting businesses and consumers who want to participate in digital commerce. It will also provide binding rules that build consumer confidence, ensure predictability and legal certainty for businesses, in addition to To remove and prevent the emergence of unjustified barriers to digital commerce. In addition, it will open new economic opportunities while ensuring a safe online environment.
This deal will strengthen trade relations between the EU and Singapore by:
facilitating digital trade in goods and services; ensuring the flow of data across borders without unjustified obstructions; and promoting confidence in digital commerce, including by setting strict rules on spam.
This agreement places the EU and Singapore at the global forefront of digital policy development while supporting open and fair digital economies. It reinforces the EU's approach to building digital and database rules with people and their rights at its core, and ensures that the EU and Singapore retain the policy space to develop and implement the policies required to address the new challenges in the digital economy.
The political conclusion marks the end of negotiations on a digital trade agreement between the EU and Singapore. The EU and Singapore will now follow their respective procedures to work towards formal signature and conclusion
The FTA is an important complement to the EU-Singapore Free Trade Agreement (FTA) 2019. While the FTA has strengthened the already established and thriving economic relationship between the EU and Singapore, this agreement takes our relationship to the next level.
The agreement is part of the EU's ambition to agree the rules of modern digital trade with our global partners. This is also reflected in the digital trade chapters in recent free trade agreements with the UK, Chile and New Zealand, as well as in the cross-border data flow agreement with Japan.
The European Union is the world's leading importer and exporter of digitally deliverable services. In 2022, 55% of total EU trade in services was delivered digitally, representing more than €1.3 trillion of EU imports and exports.
More than half of all EU-Singapore trade in services is already delivered digitally and represents 55% of total EU-Singapore trade in 2022 (worth €43 billion). The EU-Singapore Digital Trade Agreement will strengthen this trade connection and provide further opportunities for growth.