International Digital Economy Agreement
This agreement marks an important step in trade negotiation policy and in the process of developing global rules for the new era of digital international trade. It paves the way for the promotion of an integrated global digital economy, with a vision for the future that paves the way for new trade negotiations. As DEPA is open to other countries wishing to join, it is an opportunity for Latin America and caribbean countries to be part of the digital agenda. It is also committed to exchanging best practices in the promotion and development of new logistics technologies, such as last-kilometre deliveries. B and the use of drones and lockers for delivery and pickup of purchases. Its approach to digital products is consistent with the obligations established in previous agreements on the moratorium on the application of tariffs to e-commerce. In addition, a cryptography standard is added that prohibits countries from requesting keys or access codes when importing encrypted products. Digital products that will benefit from the agreement include video and music streaming, software, e-books, video games, web hosting, data processing, internet maintenance and repair services, application development and the fintech industry. Businesses will benefit from the increasing ease and acceptance of digital payments, which will speed up payments, reduce transaction costs and improve trade. Businesses will also find it easier to navigate the payment rules of foreign markets if they are compatible with Singapore` rules, which will open up opportunities for our start-ups and online players. A Digital Economy Agreement (DEA) is a treaty that sets rules for digital commerce and the cooperation of the digital economy between two or more economies. Through the DEA with key partners, Singapore hopes to develop an international framework to promote interoperability of standards and systems and to support our businesses, particularly SMEs, in digital commerce and e-commerce. This agreement is excellent news for the global trading system, especially for countries that depend on international trade.
It comes at a time when digital transformation is accelerating in sectors such as online education, remote work and e-commerce, as countries experience a rise in counterproductive protectionism in the fight against the COVID 19 pandemic. Digital identifiers (z.B. The Singapore CorpPass) provides data from state-controlled sources to create a digital user profile. Digital identifiers optimize, among other things, business processes, including business registrations and the opening of corporate bank accounts, significantly. Complicated processes such as customer Know-Your (KYC) reviews and billing can also be done quickly. Through AEDs, we hope to work with partners to facilitate initiatives that promote compatibility between different digital identity systems. Chile, New Zealand and Singapore signed the agreement in a virtual ceremony on June 12, 2020. Improving online data protection, security and data management is an issue that still needs to be addressed; Strengthening cybersecurity and progress in areas where the agreement has established only a roadmap for the future, such as artificial intelligence, open data and digital identities.