SINGAPORE: Singapore is in search of to bolster its position as a enterprise centre and a digital hub globally and within the area, stated Minister-in-charge of Commerce Relations S Iswaran on Tuesday (Feb 1).
Talking to journalists over Zoom whereas on a go to to Brussels and London, Mr Iswaran stated: “Whether or not it’s knowledge flows, whether or not it’s analytics for insights that may be prolonged or utilized to the area and past, and so forth, these types of actions, anchoring themselves in Singapore.
“It’s the kind of knowledge-intensive, technology-intensive but also data-intensive activity that we are seeking to build into another pillar in our economy as we move into this new digital era.”
On Tuesday, Mr Iswaran and European Commissioner for Inside Market Thierry Breton signed the EU-Singapore Digital Partnership.
“These sorts of agreements enhance our data connectivity, establishing rules for how data can flow with confidence, with trust, so that parties can transact and we can become one of the nodes for such data flows, not unlike the way we have emerged as a node for capital flow and goods flows and services flows,” stated Mr Iswaran.
The digital partnership is an overarching framework for all areas of bilateral digital cooperation between the European Union and Singapore, stated the Ministry of Commerce and Business in a separate press launch.
These embrace digital commerce facilitation, trusted knowledge flows, digital funds in addition to requirements and conformance, the press launch learn.
It additionally covers new and rising areas comparable to synthetic intelligence, digital identities and 5G or 6G.
There’s a “clear desire” from all events to start negotiations on the settlement someday this yr, stated Mr Iswaran.
“The sooner, the better, but we have to of course take dressing from the cadence of the European processes as well because they do have regulatory processes that they will have to follow through on,” he added.
The EU is Singapore’s second-largest digital companion for buying and selling providers and fourth-largest for buying and selling items. Singapore can also be the EU’s largest buying and selling companion in ASEAN, stated Mr Iswaran.
There are about 12,000 EU companies in Singapore, he added.
“There’s been a good momentum in terms of trade,” stated Mr Iswaran, including that total commerce of products has grown by about 10 per cent when it comes to worth.
“And these speak to the fact that the trade agreement combined with the needs and economic circumstances are contributing to greater flows between the EU and Singapore, and of course through Singapore and to the region.”
The partnership will profit companies, particularly small-to-medium-size enterprises, stated Mr Iswaran, who can also be Minister for Transport.
“They will be able to transact cross border with greater certainty and less costs,” he famous.
If the settlement can facilitate commerce documentation and knowledge flows, the price of transferring items throughout borders will go down, stated Mr Iswaran.
“And when it comes to some of the other areas like the flow of data, the more we’re able to allow data to flow freely with appropriate safeguards, especially with respect to privacy and so on, the more then companies will be able to aggregate this data and analyse it and be able to come up with better services and solutions and products,” he added.
“These types of agreements, they first serve to guarantee the person on the street that when there may be such move of information, it is going to be accomplished in a way that safeguards their considerations round privateness .. primarily based on the protocols and guidelines and rules that the nations have.
“But it also means that they will benefit from better quality services and products that will arise from the ability to analyse such data.”