Singapore and EFTA conclude talks on digital economy agreement

The agreement will allow the free flow of data across each other’s territories.

Singapore and the European Free Trade Association (EFTA) States have concluded negotiations on the EFTA-Singapore Digital Economy Agreement (ESDEA).

Singapore and EFTA will allow the free flow of data across each other’s territories with adequate safeguards, and prohibit requirements to store data in a specific location.

To promote consumer trust in the digital economy, the two will maintain a legal framework to protect the personal data of individuals and enhance access to such data.

In advancing end-to-end digital trade, both will adopt internationally accepted standards and recognise the role of e-invoicing in enhancing the cost-effectiveness of digital trade.

Singapore and EFTA will also accept electronic versions of trade administration documents and will not impose customs duties on electronic transmissions.

To promote greater trust within digital markets, both will not require the transfer of source code and will promote the ethical use of artificial intelligence.

They will also collaborate to strengthen the cybersecurity response mechanism and will adopt measures that prohibit fraudulent commercial conduct.

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