Its agreement with Australia includes the signing of seven Memorandums of Understanding (MOUs) in which government authorities on both sides will address various projects and initiatives, such as the combination of National Single Windows, electronic certification for the import and export of goods, and the sharing and verification of electronic trade documents with Distributed Ledger technology. Singapore has also begun negotiations for a digital partnership agreement with South Korea. The country`s government is providing more than $500 million ($352.49 million) to support local businesses in their digital transformation efforts. In particular, the introduction of electronic payments, electronic billing and advanced digital tools. Singapore is focusing on $352 million on digital transformation to help businesses cope with the consequences of the pandemic, Chan said: “The agreement will facilitate the digitization of business processes and make Singapore`s businesses easier and cheaper to conduct cross-border activities with Australia. As COVID-19 forces companies to consider innovative ways to reach their customers and adapt to a new type of business, agreements such as the Singapore-Australia agreement will capture the opportunities offered by the digital economy and develop new technologies to create new digital products and services. For more details on the Singapore agreements on the digital economy, the full text of SADEA and the various MOUs, see: www.mti.gov.sg/Improving-Trade/Digital-Economy-Agreements. “These are some of the most ambitious rules Australia has ever negotiated on digital commerce and this agreement will serve as a benchmark for further negotiations on the rules of digital trade in our region,” Birmingham said. CeECs also include the obligation to work towards mutual recognition of digital identification systems and to allow access to data to promote the development of new digital products, services and solutions.
Trade and Industry Minister Chan Chun Sing and Australian Minister of Trade, Tourism and Investment Simon Birmingham today signed the Singapore-Australia Electronic Agreement (SADEA) in a video conference. 2.M Chan said: “The signing of the Singapore-Australia Digital Economy Agreement is an important step in the long-standing and multifaceted partnership between our two countries. SADEA will facilitate the digitization of business processes and make Singapore`s businesses easier and less expensive to conduct cross-border business with Australia. As COVID-19 forces companies to consider innovative ways to reach their customers and adapt to a new type of business, agreements like SADEA will enable our companies to seize the opportunities offered by the digital economy and develop new technologies to create new digital products and services. 3. Singapore and Australia have significant bilateral trade flows and investments, and ASDEA builds on this basis to improve digital economic opportunities. With ASDEA, Singapore and Australia want to create a flawless digital environment that is essential for businesses during this COVID 19 pandemic.