171 Global News Post 2

Singapore, EU digital pact to cover ‘all areas’ of bilateral cooperation

^{Medina, Ayman. (2021). [Digital Economy Partnership Agreements unite the greater global economy]. Asean Briefing. https://www.aseanbriefing.com/news/singapores-digital-economy-partnership-agreement.}

The European Union (EU) and Singapore have signed a significant digital pact agreement that covers trade and investment, data protection, and cybersecurity, and is expected to facilitate the adoption of digital technologies and the development of digital skills in both regions. The pact also includes provisions on the protection of personal data and the prevention of cyber threats, and both parties have committed to aligning their data protection frameworks and to promoting cross-border data flows. The data and evidence on this partnership is all verified through the European Commission’s press release.

The article contextualizes the digital pact within the broader geopolitical and economic context. It notes that Singapore is seeking to reduce its reliance on China as a significant trade partner and to position itself as a regional technology hub. The pact is therefore seen as part of Singapore’s efforts to diversify its economic partnerships and strengthen its ties with the EU.

The article also provides insights on the perspectives of various stakeholders. For example, businesses are expected to benefit from the pact’s provisions on trade and investment and consumers will benefit from the measures put in place to protect personal data and prevent cyber threats. Policymakers and experts from both regions have emphasized the importance of the digital economy and the need to promote innovation. They have also recognized the potential risks associated with increased data flows and have put in place measures to mitigate these risks.

Overall, the digital pact signed between Singapore and the EU is seen as a significant step towards greater collaboration and cooperation in the digital economy. The agreement is expected to have a positive impact on businesses and consumers in both regions, while also promoting the development of digital skills and technology.

Yu, E. (2023, February 1). Singapore, EU Digital Pact to cover ‘all areas’ of bilateral cooperation. ZDNET. Retrieved February 19, 2023, from https://www.zdnet.com/article/singapore-eu-digital-pact-to-cover-all-areas-of-bilateral-cooperation/.