Singapore, New Zealand, and Chile have finalised the Digital Economy Partnership Agreement addressing e-invoicing, fintech, data flows, and digital trade, writes ZDNet.
The next step is to officially sign it and enforce it, as it encourages interoperability among countries “by aligning standards and addressing new issues,” according to a joint statement released by Singapore’s Minister for Trade and Industry Chan Chun Sing, New Zealand’s Minister for Trade and Export Growth David Parker and Chile’s Vice Minister for Trade Rodrigo Yanez. Other countries are welcome to join the pact, if they wish.
Under the agreement, the three governments hope to improve connectivity and institute digital trade regulations at the World Trade Organization (WTO). The pact is an additional commitment to previously signed free trade agreements, Singapore said, and it is part of its responsibilities for digital growth and trade rules which come with being co-convener of the WTO Joint Statement Initiative on E-Commerce.
The countries joined forces to address digital concerns such as electronic documentation in cross-border trade, personal data protection, and cybersecurity. Digital identities, for example, could be introduced to promote digital trade, while cutting down on document transit time for cross-border trade would reduce operating costs.
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