The agreement supplements the EU-Singapore Free Trade Agreement (EUSFTA) that entered into force in 2019.
The Digital Trade Agreement is signed by Singaporean Minister-in-charge of Trade Relations Grace Fu and EU Commissioner for Trade and Economic Security Maroš Šefčovič. (Photo: ec.europa.eu)
Singapore (VNA) – Singapore and the European Union (EU) on May 7 signed a landmark Digital Trade Agreement (DTA) to provide greater clarity and legal certainty for consumers and businesses on both sides to transact online more seamlessly
Signed by Singaporean Minister-in-charge of Trade Relations Grace Fu and EU Commissioner for Trade and Economic Security Maroš Šefčovič, this agreement marks a major milestone in deepening EU-Singapore cooperation in the digital domain.
The agreement supplements the EU-Singapore Free Trade Agreement (EUSFTA) that entered into force in 2019.
The EUSDTA aims to set global standards for digital trade and cross-border data flows without unjustified barriers. It includes rules on e-signatures, spam and cyber security, among others. It should also lower costs for businesses, boosting services trade.
The EU is Singapore’s fifth-largest goods trading partner. In 2024, bilateral trade in goods grew to over 100 billion USD, representing 7.8% of Singapore’s total goods trade.
The bloc is also the second-largest services trading partner of Singapore, with bilateral trade in services reaching over 110 billion USD in 2023.
Investment ties remain robust, with the EU being Singapore’s second-largest foreign investor and second-largest overseas investment destination.
Meanwhile, Singapore is the EU’s fifth-largest partner in services trade, and more than half of these services are delivered digitally.
ও Fu said the signing of the EUSDTA is a significant step forward in deepening digital economic cooperation between Singapore and the EU, given the global uncertainties./.
Singapore is subject to a 10% tariff from the US. The country has previously warned of instability in its trade-dependent economy, along with heightened risks of recession and job losses. Singapore has lowered its 2025 GDP growth forecast to between 0% and 2%, following a 0.8% quarter-on-quarter contraction in the first quarter.
Singaporean Deputy Prime Minister Gan Kim Yong noted that escalating tensions between the US and China have led to a volley of tit-for-tat tariffs, effectively choking off trade between the world’s two largest economies. These developments will have significant implications on businesses in Singapore and Malaysia, many of which are embedded within the production and supply chains of both the US and China.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
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