Singapore and Australia have kicked off negotiations on a new digital trade pact that aims to drive “greater connectivity” and bilateral economic relations. 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.