Singapore and the European Union (EU) have taken a significant step forward in strengthening their economic partnership with the signing of the European Union-Singapore Digital Trade Agreement (EUSDTA) in Singapore.
The agreement was signed by Minister-in-charge of Trade Relations Grace Fu and EU Commissioner for Trade and Economic Security Maroš Šefčovič, marking the EU’s first bilateral digital economy agreement with an ASEAN country.
The EUSDTA is designed to enhance digital connectivity, enable seamless cross-border digital trade, and provide greater legal certainty for businesses and individuals operating across both regions. By setting clear rules around digital trade and data flows, the agreement supports a more secure and trusted digital environment while promoting innovation and economic growth.
“In these uncertain and challenging times, the signing of the EUSDTA is a significant step forward in deepening digital economic cooperation between Singapore and the EU,” said Minister Fu. “It reflects our shared commitment to foster a trusted, secure, and inclusive digital economy, and to create new opportunities for our companies and citizens. It also supports greater region-to-region digital connectivity between ASEAN and the EU.”
Commissioner Šefčovič and Minister Fu reaffirmed their commitment to upholding an open and rules-based multilateral trading system, and discussed opportunities to strengthen bilateral ties through regional collaboration and partnerships in emerging growth areas.
The EUSDTA builds on the strong foundation laid by the EU-Singapore Free Trade Agreement (EUSFTA). The EU is one of Singapore’s most important economic partners:
- Fifth largest goods trading partner with bilateral trade exceeding S$100 billion in 2024
- Second largest services trading partner, with over S$110 billion in bilateral trade in 2023
- Second largest foreign investor and overseas investment destination for Singapore
With the EUSDTA, Singapore and the EU continue to pave the way for forward-looking economic cooperation, reinforcing their positions as leading digital and trade hubs in their respective regions.
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