Eileen Yu
for By The Way
| November 1, 2021
| Topic: Tech Industry
China has formally applied to join the Digital Economy Partnership Agreement (DEPA), pledging to work with all parties to drive the “healthy and orderly” development of digital economies. The global partnership pact currently covers Singapore, New Zealand, and Chile, with others such as South Korea and Canada expressing interest in joining the agreement.
In force since 7 January 2021, DEPA establishes common digital trade rules and seeks to drive interoperability between different regimes and digital systems of participating nations.
Under the agreement, businesses in Singapore, New Zealand, and Chile can achieve greater efficiencies, trust, and reduced costs when trading and conducting digital transactions with one another, said Singapore’s Ministry of Trade and Industry. For example, digital identities could be mutually recognised, mechanisms would be developed to secure personal data transferred across borders, and common e-invoicing standards could be adopted to reduce processing time.
China
|
CXO
|
Government
|
Security