Minister of Trade and Industry Chan Chun Sing and Australian Minister of Trade, Tourism and Investment Simon Birmingham today electronically signed the Singapore-Australia Digital Economy Agreement (SADEA) via video conference. 2.M Chan said: „The signing of the Singapore-Australia Agreement on the Digital Economy marks a milestone in the long-standing and multifaceted partnership between our two countries. SADEA will facilitate the digitization of business processes and make it easier and cheaper for Singaporean companies to conduct cross-border activities with Australia. With Covid-19 forcing companies to find innovative ways to reach customers and adapt to a new type of business, agreements such as SADEA will enable our companies to seize the opportunities offered by the digital economy and use new technologies to create new digital products and services. Singapore and Australia benefit from significant bilateral trade and investment flows and ASDEA is building on this foundation to improve economic opportunities in the digital field. With SADEA, Singapore and Australia want to create a seamless digital trading environment that is crucial for businesses during this COVID-19 pandemic. It will also enable reliable cross-border data flows without unnecessary and costly requirements, such as data localisation, while protecting consumer privacy and business proprietary information. 4. To this end, Singapore and australian agencies will identify, under the seven Memorandums of Understanding (MOUs) signed last March, specific projects that, in their implementation, will bring tangible benefits and opportunities to businesses. These include initiatives such as connecting National Single Windows; electronic certification for the import and export of goods; sharing and verifying electronic business documents using Distributed Ledger technology; and cross-border data exchange projects. 5.
SADEA is the second Digital Economy Agreement signed by Singapore following the signing of the Digital Economy Partnership Agreement (DEPA) with Chile and New Zealand last June. 6. For more details on the Singapore Agreement on the Digital Economy, the full text of SADEA and information on the different MOUs, see: www.mti.gov.sg/Improving-Trade/Digital-Economy-Agreements. Department of Communications and Information 6 August 2020 „The agreement builds on the leading role of Australia and Singapore in negotiating new international e-commerce rules within the World Trade Organization (WTO) to facilitate the growing volume of digital trade worldwide.“ Agreement to strengthen digital connectivity between Singapore and Australia The protection of personal data is key to maintaining confidence in the digital economy and developing cross-border trade. Since companies carry out electronic transactions across borders, personal data is transferred as part of these transactions. . . .