Singaporean Minister-in-charge of Trade Relations S Iswaran and European Commissioner for Internal Market Thierry Breton sign the EU-Singapore Digital Partnership on February 1, 2023. (Photo source: Channelnewsasia)

Brussels – The European Union (EU) and Singapore on February 1 signed in Brussels the EU-Singapore Digital Partnership (EUSDP) that will lead to a digital trade agreement to enable consumers and businesses to transact online more seamlessly and at lower costs.

The pact aims to boost participation in the digital economy by imparting relevant skills to workers in both jurisdictions and transforming their businesses and public services.

Other areas of collaboration include digital trade facilitation, trusted data flows, electronic payments and standards. The deal will also focus on emerging areas such as artificial intelligence, digital identities, and 5G/6G communication networks.

Signatories were Singapore’s Minister-in-charge of Trade Relations S. Iswaran and Thierry Breton, European Commissioner for the Internal Market.

The EU is Singapore’s second-largest digital partner for trading services and fourth-largest for trading goods. Singapore is also the EU’s largest trading partner in ASEAN. There are about 12,000 EU businesses in Singapore.