Australia-Singapore Digital Economy Agreement
Further bolstering a strong bilateral relationship, the Australia-Singapore Digital Economy Agreement (DEA) was signed on 6 August 2020. It represented a pivotal moment in enhancing digital trade relations between Australia and Singapore, a key partner in Southeast Asia.
Prime Minister Morrison and Singapore Prime Minister His Excellency Lee Hsien Loong aimed to modernise trade rules and facilitate smoother digital transactions. The agreement was designed to reduce barriers for Australian businesses seeking to engage with Singaporean markets, particularly in the wake of the COVID-19 pandemic. The DEA introduced a new Digital Economy chapter to the Singapore-Australia Free Trade Agreement — addressing the rapid evolution of digital trade and technology. The Morrison Government viewed this agreement as a benchmark for future negotiations within the region, reflecting Australia's commitment to establishing robust digital trade frameworks.
Both nations emphasised the importance of bilateral cooperation through various Memoranda of Understanding (MOUs) that accompanied the DEA. These MOUs focused on collaborative projects in areas such as artificial intelligence, data innovation, and e-certification for agricultural exports. This strategic approach not only fostered closer economic ties but also positioned Australia as a leader in developing norms for digital trade rules across the Indo-Pacific region.
Related media:
1. Press release, Joint Statement by the Prime Ministers of Australia and Singapore, 23 March 2020: https://pmtranscripts.pmc.gov.au/release/transcript-43969
2. Virtual speech, Singapore FinTech Festival, 08 December 2020: https://pmtranscripts.pmc.gov.au/release/transcript-43167
3. Press release, Joint Statement by the Prime Ministers of Singapore and Australia, 10 June 2021: https://pmtranscripts.pmc.gov.au/release/transcript-44068
