The EU and Singapore have signed an agreement on closer digital trade.
According to the EU Commission, it opens up new ways for bilateral digital trade and more legal certainty for companies.
“As soon as it is in force, the more than 12,000 EU companies that work in Singapore will feel its first-hand advantages,” said the Brussels authority. The agreement still has to be ratified, it requires the approval of the EU Parliament.
According to EU information, the EU and Singapore 2023 acted goods and services worth 132.7 billion euros. EU trade commissioner Maros Sefcovic said that more than half of the service trade between the EU and Singapore are already being handled digitally. The agreement is also intended to improve consumer protection, for example through the protection of privacy and personal data.