Although its position has fuelled Singapore`s development into a dynamic Asian business enterprise, its dependence on global trade flows has revealed the vulnerability of the city-state to the economic shock of the pandemic. „If we start to turn around COVID-19`s economy, this agreement will remove barriers and increase opportunities for Australian businesses to attract more customers and continue to enter the Singapore market.“ DEPA is divided into „modules“ on topics such as business facilitation and trade, emerging and emerging technologies, and digital integration We hope to conclude other agreements with like-minded economies in the future. Chan Chun Sing, Singapore`s Minister of Trade and Industry, recently said that further trade opportunities should come from the expected signing of the Comprehensive Regional Economic Partnership (RCEP), a proposed trade agreement that includes the ten Asean member countries, as well as Australia, China, Japan, New Zealand and South Korea. Chan signed the agreement with Australia`s Minister of Trade, Tourism and Investment Simon Birmingham in a virtual ceremony on Thursday (6 August). Given Singapore`s position as Asia`s largest marine storage port and the largest commercial hub for raw materials, there are obvious synergies that indicate the potential of the city-state as an influential digital business ecosystem far beyond its coasts. Singapore`s policymakers see the digitization of trade as a way to do so by taking advantage of the growing acceptance of e-commerce; banks` use of digital technologies in trade finance; and the provision of other cross-border services via mobile applications and other platforms. They are also part of the efforts that began in 2018 and are partly led by Australia to define a set of international rules on digital commerce. Singapore has also begun negotiations for a digital partnership agreement with South Korea. The protection of personal data is the key to maintaining confidence in the digital economy and developing cross-border trade.

Because companies conduct cross-border transactions online, personal data is transferred as part of these transactions. They should also be included in the various policies and legislation relating to cross-border processing and cross-border transfer of personal data, according to national data protection rules. Senator Birmingham said the agreement would be an important part of promoting Australia`s economic recovery from the coronavirus pandemic.