EU, Singapore Sign Landmark Digital Trade Agreement

The European Union and Singapore have signed their first-ever digital trade agreement, aiming to set high standards for digital trade rules and deepen economic ties. The deal covers areas such as privacy and data protection, cross-border data flows, legal certainty for digital contracts, and consumer protection, while also facilitating paperless electronic trade. More than half of EU-Singapore services trade is already conducted digitally, and the agreement is expected to provide new opportunities for businesses, especially SMEs, by reducing barriers and enhancing legal clarity. The agreement still requires ratification by the European Parliament before it can take effect. This move comes as global economic tensions, including U.S. tariff threats, highlight the growing importance of digital trade. Both parties see the agreement as a model for future digital trade frameworks worldwide.