Brussels, 15 December 2022 (TDI): Singapore and the European Union (EU) today announced a new partnership in the digital sector. This will prove to be a “transformative potential” for the future of their economies.

Prime Minister Lee Hsien Loong of Singapore and President Ursula von der Leyen of the European Commission said that the partnership will be signed and launched next year. Also, this would boost cooperation on “the full range of digital concerns.”

Trade facilitation, reliable data flows and innovation, digital trust, standards, digital worker skills, and the digital transformation of private and governmental sectors are a few of these.

New Fields of technology

The digital collaboration will aid Singapore and the EU in promoting new fields including artificial intelligence, digital identities, and 5G/6G as well as strengthening supply chains.

Read more: EU-ASEAN Summit builds Economic Ties

Moreover, the World Trade Organization’s continuing efforts to establish universal rules for electronic commerce would be supported by the EU and Singapore’s digital trade engagements.

The two sides stated that “the digital relationship builds on long-standing cooperation between the EU and Singapore on trade, research, and technology.”

“We are taking another significant step to strengthen our strategic relationship for the benefit of our residents, consumers, and businesses during a time of uncertainty and change,” they added.

Also Read: EU envisages path to a digital decade

Also, at the conclusion of his tour, Lee told that there was still room for improvement in the ties between the EU and ASEAN.

Regarding the EU-Singapore Digital Partnership, Lee stated that Singapore can draw more IT-related companies to the nation with the appropriate standards. In this regard, these businesses will be able to establish a presence across Europe.

However, besides digital economy agreements, Singapore and the EU are also working on deeper cooperation on the green economy as the EU pursues carbon reduction to get to net-zero emissions, Lee said.