Singapore-Australia Digital Economy Agreement (Dea)

THE DEA wants to build on Singapore`s extensive network of free trade agreements and other digital cooperation initiatives. They also complement Singapore`s leadership role in the World Trade Organization (WTO) as co-organizer (with Australia and Japan) of the Joint E-Commerce Reporting Initiative (JSI). E-Bill is the automated creation, exchange and processing of payment requests between suppliers and buyers in a structured digital format. AEDs allow for the interoperability of electronic billing systems between countries, so that an electronic invoice based in Singapore can be accepted directly by another country`s electronic billing system. Businesses benefit from shorter invoice processing times and potentially faster payment, resulting in significant savings, as there is no need to generate and track physical invoices. Iswaran said: “The DEA will make it easier for companies in Singapore and Australia to operate in both countries by strengthening our digital connectivity. The seven CEECs cover emerging areas such as AI ethics and governance and data innovation. DEAs are putting in place common frameworks and rules for digital commerce, which allow Singapore`s businesses to connect more seamlessly with their foreign partners. The ultimate goal of the DEA is to reduce operating costs, improve operational efficiency and facilitate access to overseas markets.

Cross-border data flows are increasingly important for the growth of the digital economy, as they support e-commerce and other digital activities such as data analytics and AI. Under the DEA, the parties agree to allow the free flow of data across borders and to prohibit the location of data, except for legitimate purposes such as the protection of personal data. This will facilitate a favourable environment for businesses to do so: the DEA will create a framework for further cooperation in the digital economy between the two countries to help develop international rules, interoperability between digital systems and address border issues from emerging technologies. “They will remove the barriers that businesses may face in the digital economy to create new digital products and services. The DEA will also help companies access AI technologies and talents in Singapore and Australia to facilitate the development and singulation of AI applications. A Digital Economy Agreement (DEA) is a treaty that sets rules for digital commerce and the cooperation of the digital economy between two or more economies. Through the DEA with key partners, Singapore hopes to develop an international framework to promote interoperability of standards and systems and to support our businesses, particularly SMEs, in digital commerce and e-commerce. The protection of personal data is the key to maintaining confidence in the digital economy and developing cross-border trade. Because companies conduct cross-border transactions online, personal data is transferred as part of these transactions. They should also be included in the various policies and legislation relating to cross-border processing and cross-border transfer of personal data, according to national data protection rules. The Digital Economy Agreement is also supported by data innovation, artificial intelligence, trade facilitation, electronic billing, electronic certification of agricultural exports and imports, personal data protection and digital identity.

Digitalization and technological disruptions, which have been accelerated by the effects of the COVID 19 pandemic, have significantly changed consumer behaviour and business models and created new opportunities. For example, e-commerce has enabled manufacturers to achieve