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Driving Development by Embracing the Digital Economy

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Ministers from Singapore, Australia, Canada, Chile, Japan, Malaysia, New Zealand, Peru, Vietnam, and the United Kingdom (UK) attended the seventh meeting of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Commission. The signature of the Accession Protocol by the UK, which officially joined the CPTPP as a new member, represented a crucial turning point for the event.

At the conference, Singapore’s Minister for Trade and Industry, Gan Kim Yong, emphasised three crucial themes. First off, the UK’s involvement strengthens the Agreement’s economic foundation and creates new prospects for all members to gain access to markets. This development demonstrates the CPTPP’s dedication to preserving an open and inclusive architecture.

Second, Minister Gan emphasised the significance of using this momentum to welcome aspirational economies that can live up to the CPTPP’s high criteria. This will guarantee that the Agreement stays a platform for inclusivity, encouraging regional collaboration and economic prosperity.

He also stressed the importance of members working together to review and enhance the CPTPP’s implementation. By supporting free trade, competitive markets, and a trading system based on rules, this commitment guarantees that the Agreement will continue to be the gold standard for trade accords.

The discussions focused heavily on improving data flows and encouraging digital system interoperability. Businesses may tap into the tremendous potential of the digital economy by guaranteeing smooth and secure data interchange. This focus on data flow is critical for improving cross-border trade and allowing enterprises to reach new markets and customers.

According to Minister Gan, the integration of digital technology in trade and commerce creates enormous prospects for all member countries. Businesses that embrace digital transformation can streamline operations, boost efficiency, and reach a larger client base. Furthermore, the digital economy gives small and medium-sized firms (SMEs) unprecedented access to global markets and participation in international trade.

The CPTPP’s emphasis on digital issues demonstrates the member countries’ understanding of the essential role that technology plays in today’s interconnected world. The CPTPP intends to build a strong and forward-thinking foundation for economic growth and innovation by prioritising the digital economy. It establishes a framework that encourages collaboration not only in digital trade but also in research and development, digital infrastructure, and cybersecurity.

Since its inception in December 2018, the CPTPP has established itself as a comprehensive and high-standard regional free trade agreement. It has created new opportunities for trade and investment by encouraging economic integration in the Asia Pacific area and beyond.

The UK’s entry into the CPTPP is a significant development for advancing international economic ties. It offers a good example for other aspirant economies to engage and gain from the Agreement’s provisions as it was the first economy to join following the Agreement’s formation.

Businesses and sectors can anticipate greater market access to the UK and other member countries as a result of the CPTPP’s facilitation of closer collaboration and cooperation among member countries. In the quickly developing digital age, this will definitely generate new opportunities and propel economic progress.

The commitment of member countries to advancing the digital economy was expressed. Hence, the Committee also took steps to lay a solid platform for examining the existing rules and legislation governing digital trade.

By encouraging innovation and removing obstacles that can impede the expansion of the digital economy, the goal is to facilitate a favourable climate for online trade. The member countries’ exchange of best practices is viewed as essential to promoting cooperation and attaining shared objectives in digital trade.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.