Australia and Singapore have entered into a Digital Economy Agreement (DEA) which is said to set ‘new global benchmarks for trade rules, and a range of practical cooperation initiatives, to reduce barriers to digital trade’ and proliferate the digital economy.
The DEA is set to upgrade Australia and Singapore’s previous free trade arrangement featuring updated rules on, amongst other things, data transfer across borders, data innovation, artificial intelligence, source code protection, e-invoicing and e-payment frameworks, personal data protection and digital identification.
As Australia’s largest investment and trade partner in the Southeast Asian Nations, it is fantastic to see Australian and Singapore cooperating to develop an improved system that fully encompasses the transition into the digital era. The development of this strategy has been underway for some time, with significant research into how both countries can benefit from the migration into a digital economy. Notably, the DEA will open avenues into the Southeast Asian market, reducing barriers to digital trade and developing a safe environment open to Australian businesses and consumers.
However, both nations have identified that by modernising digital trade, the DEA must balance economic outcomes with strong protection of privacy and consumer rights, as well as certainty for online businesses accessing goods and services.
The DEA is currently advancing through Australia’s treaty-making process, being taken through the necessary steps before ratification.
For further information, click here.