Singapore and the European Free Trade Association (EFTA) have concluded negotiations on the EFTA-Singapore Digital Economy Agreement (ESDEA).
This agreement aims to enhance economic and digital integration between the two sides.
The ESDEA enables unrestricted cross-border data flows and prohibits unnecessary data localisation.
This gives businesses flexibility in data storage and processing.
The aim is to reduce costs and support market expansion.
It establishes a framework for digital connectivity, promoting paperless trade and electronic transactions.
This also includes high-standard rules to ensure interoperability, data security, and protection of intellectual property.
Singapore’s Minister-in-Charge of Trade Relations, Grace Fu, said that Singapore and the EFTA States will enhance digital trade, open and secure data flows, and establish trusted digital systems for businesses and consumers.
Through high-standard rules and commitments, the agreement will remove unnecessary barriers to digital trade and enhance economic connectivity with our EFTA partners, Fu said.
Singapore remains committed to advancing global digital trade frameworks and ensuring that our companies and citizens benefit from the opportunities of the digital economy," she added.
The ESDEA builds on the existing EFTA-Singapore Free Trade Agreement.
It aims to reduce business costs, enhance trust in digital systems, and provide legal certainty for companies and consumers.
