Brussels, July 25 (EFECOM) – The European Union and Singapore have successfully completed negotiations for an e-commerce agreement. This process began a year ago, and the agreement will go into effect once both parties have ratified it.
This new pact supplements the trade agreement between the EU and Singapore that has been in place since 2019. However, nine countries within the EU still need to ratify the original agreement for it to be fully implemented.
The e-commerce agreement facilitates data sharing between European businesses and those in Singapore. However, it does not include provisions to ensure that personal data privacy meets European standards, as noted by Valdis Dombrovskis, the Vice President of the European Commission and its trade chief, during a press conference.
Additionally, this agreement recognizes electronic documents and signatures, streamlines payment processes, and includes measures to enhance consumer protection.
Moreover, it lays the groundwork for future regulations to address potential risks related to artificial intelligence and cyberattacks.
Dombrovskis emphasized the importance of Singapore as a key partner for the EU in Southeast Asia, highlighting that in 2022, trade in digital services between the two regions amounted to €43 billion.
Singapore’s Trade and Industry Minister, Grace Fu, stressed the necessity of improving digital connectivity and interoperability between their nation and the EU as their second-largest trading partner.
The e-commerce agreement will take effect once it has been ratified by both Singapore and the European Union’s member states, along with the European Parliament.
Image and News Source: https://www.infobae.com/espana/agencias/2024/07/25/la-ue-y-singapur-concluyen-las-negociaciones-de-su-acuerdo-de-comercio-electronico/
