First, Singapore companies can participate in the following digitization initiatives. These are geared towards modules in AEDs that will help extend their benefits to cross-border transactions and transactions when the DEA comes into force. The Digital Economy Agreement will facilitate the digitization of business processes and make Singapore`s businesses easier and cheaper to conduct cross-border business with Australia, said Trade and Industry Minister Chan Chun Sing. THE DEA wants to build on Singapore`s extensive network of free trade agreements and other digital cooperation initiatives. They also complement Singapore`s leadership role in the World Trade Organization (WTO) as co-organizer (with Australia and Japan) of the Joint E-Commerce Reporting Initiative (JSI). „If we focus on the development of the digital sector, we are capturing the development of conventional commercial and product products sectors. That`s a reason,“ Chan replied. Chan also suggested that an agreement on the digital economy between Singapore and the EU could be a precursor to similar agreements at regional level. „This is the same model as the EU free trade agreement with Singapore and then Vietnam,“ he said, referring to bilateral free trade agreements that came into force last year and this year, respectively. A Digital Economy Agreement (DEA) is a treaty that sets rules for digital commerce and the cooperation of the digital economy between two or more economies. Through the DEA with key partners, Singapore hopes to develop an international framework to promote interoperability of standards and systems and to support our businesses, particularly SMEs, in digital commerce and e-commerce.
[MUMBAI] India`s economy contracted by 7.5 per cent between July and September, the worst of all… The agreement between Singapore and Australia was nearly signed on Thursday during a video conference between Singapore`s Minister of Trade and Industry, Chan Chun Sing, and Australia`s Minister of Trade, Tourism and Investment, Simon Birmingham. Talks between the two countries began last October, before ending in March, with the two sides agreeing to create a framework for „further cooperation“ to „develop“ international rules and introduce interoperability between digital systems. He referred to efforts to integrate the Asean digital economy, such as the Asean Single Window, which is helping to accelerate cargo handling through the electronic exchange of trade documents. He also said that projects were underway to expand the Asean Single Window and involve more international partners, including in Europe. „Sometimes it`s too complicated to involve everyone at the same time.