Singapore and Australia begin talks on digital economy pact
Topics: SINGAPORE AUSTRALIA
Trade ministers from both nations have signed off on the scope of the cooperation, which they say encompass various areas including fintech, digital identity, artificial intelligence (AI), and digital trade enablement.
The Australia-Singapore Digital Economy Agreement was first announced in June by the two countries' heads of state, Prime Ministers Lee Hsien Loong and Scott Morrison, marking the start of a "landmark agreement" that looked to tap digital transformation and technology to expand trade and economic ties in the Asia-Pacific region.
Through the agreement and trials, both countries hoped to facilitate digital trade and business across the entire supply chain, covering digital identities, connection of customs single window systems, e-invoicing, and e-payments.
In addition, they would explore the role of data in the digital economy and collaborate to build trust, advocate a "safe online environment", and boost personal data protection, the trade ministries said in a joint statement Saturday. They would look to cooperate in cross-border data flow and AI governance frameworks, amongst other areas.
The two governments added that these efforts would build on their nations' role in establishing new international rules for digital trade in the World Trade Organisation Joint Statement Initiative on e-commerce.
Formal negotiations for the digital economy agreement would commence shortly and was targeted to be finalised by early-2020. ■