Singapore (VNA) – Singapore and the European Union (EU) on May 7 signed a landmark Digital Trade Agreement (DTA) to provide greater clarity and legal certainty for consumers and businesses on both sides to transact online more seamlessly
Signed by Singaporean Minister-in-charge of Trade Relations Grace Fu and EU Commissioner for Trade and Economic Security Maroš Šefčovič, this agreement marks a major milestone in deepening EU-Singapore cooperation in the digital domain.
The agreement supplements the EU-Singapore Free Trade Agreement (EUSFTA) that entered into force in 2019.
The EUSDTA aims to set global standards for digital trade and cross-border data flows without unjustified barriers. It includes rules on e-signatures, spam and cyber security, among others. It should also lower costs for businesses, boosting services trade.
The EU is Singapore’s fifth-largest goods trading partner. In 2024, bilateral trade in goods grew to over 100 billion USD, representing 7.8% of Singapore’s total goods trade.
The bloc is also the second-largest services trading partner of Singapore, with bilateral trade in services reaching over 110 billion USD in 2023.
Investment ties remain robust, with the EU being Singapore’s second-largest foreign investor and second-largest overseas investment destination.
Meanwhile, Singapore is the EU’s fifth-largest partner in services trade, and more than half of these services are delivered digitally.
Fu said the signing of the EUSDTA is a significant step forward in deepening digital economic cooperation between Singapore and the EU, given the global uncertainties./.
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