The Department of Foreign Affairs and Trade has invited public comment on a proposed agreement between Australia and Singapore to use digital transformation and technology to expand trade and economic ties between the two countries and set ambitious standards for the region’s digital economy.
The Department said the Australia-Singapore Digital Economy Agreement had the aim of deepening the bilateral economic relationship and promoting greater connectivity.
Minister for Trade, Senator Simon Birmingham and his Singaporean counterpart, Chan Chun Sing agreed on the scope of the agreement, which covers a broad range of new areas of bilateral cooperation, including digital trade facilitation, e‑invoicing, e-payments, FinTech, digital identity and artificial intelligence.
Senator Birmingham said Australia and Singapore would also explore the role of data in the digital economy and work together to foster trust, promote a safe online environment and improve personal data protection.
“Southeast Asia’s digital economy is growing rapidly,” Senator Birmingham said.
“Connectivity and internet use across the region is increasing with a rising number of businesses and consumers now engaged in cross-border digital commerce.
“Half of Australian businesses are already engaged in the digital economy in some way, and this number is growing exponentially.”
He said the agreement would ultimately deliver practical improvements that would lower the costs and increase the efficiency of doing business.
Senator Birmingham said the agreement would expand the scope of the two countries’ economic engagement and provide new opportunities for businesses and consumers to benefit from the digital economy, modernising the economic relationship.
Comments on the agreement, which is expected to be finalised by early next year, close on 1 November.
More information about the proposed agreement and how to lodge submissions can be accessed at this PS News link.
