On 6 August 2020, Minister for Trade, Tourism and Investment Simon Birmingham and Singapore’s Minister for Trade and Industry Chan Chun Sing digitally signed the Australia – Singapore Digital Economy Agreement (DEA).
Singapore is Australia's largest trade and investment partner in ASEAN, and our fifth largest two-way trading partner overall. The Government considers Singapore to be a partner of choice for developing norms in digital trade rules, given its dynamic and innovative economy.
The DEA will amend the Singapore-Australia Free Trade Agreement (SAFTA) to replace the Electronic Commerce chapter with a new Digital Economy chapter. The DEA is expected to deliver practical improvements to lower costs and make it easier for exporters to do business, including in areas of personal data protection, e-invoicing, paperless customs procedures, and electronic certification for agricultural exports.
This chapter delivers a range of new and enhanced trade rules and a comprehensive framework for bilateral cooperation to help businesses and consumers capitalise on the digital economy, a fast-growing and rapidly evolving area. The new chapter reflects the rapid expansion and economic opportunities brought about by the digital economy since SAFTA came into force, particularly through cross-border data flows and other digital technologies.
A Regulation Impact Statement (RIS) was prepared and certified by the Department of Foreign Affairs and Trade, and has been assessed as consistent with Best Practice by the OBPR.
The OBPR considers the RIS contains a degree of detail and depth of analysis that is commensurate with the likely impacts of the proposal.