Singapore has inked four such pacts in the past few years. Read more at straitstimes.com.
EU is Singapore’s fourth largest goods trade partner, with the relationship underpinned by a free trade agreement which entered into force in 2019.
It identifies potential touchpoints for private sector involvement in light of the EU-Singapore Digital Partnership deal – which was signed in February this year – and the DTA negotiations that started in July. The two sides also agreed on a Digital Trade Principles pact at the same time when they inked the EUSDP deal. The principles set the path to negotiate an ambitious and modern DTA that contributes to digital transformation and enables companies and people to keep pace with the fast-evolving digital economy.
Mr Gan said that as new technologies such as AI and generative AI emerge, Singapore has been looking to update digital agreements it has already concluded.Korea-Singapore Digital Partnership Agreement. In the EuroCham survey, most respondents highlighted the principles pertaining to digital trade as important – including electronic transactions and electronic contracts, electronic invoicing, paperless trading, and transferable electronic records.
The survey also showed that 43 per cent of respondents already rely on AI for their operations and 27 per cent of them reported a reliance on selected supply chain operations as the areas in which they mostly use AI technology.
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