February 28, 2024

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Singapore, Republic of Korea Conclude Negotiations on Digital Economy Agreement

Singapore and the Republic of Korea (ROK) launched negotiations on a new Korea-Singapore Digital Partnership Agreement (KSDPA) last year. The agreement seeks to deepen bilateral cooperation in new emerging digital areas, such as in personal data protection and cross-border data flows, digital identities, fintech, as well as Artificial Intelligence (AI) governance frameworks. It also aims to support and foster greater collaboration between both countries’ SME communities in the digital economy.

Recently, Singapore and ROK have concluded negotiations on the Korea-Singapore Digital Partnership Agreement (KSDPA). The KSDPA will be Singapore’s fourth Digital Economy Agreement (DEA), and the first with an Asian country. The agreement will deepen bilateral cooperation in the digital economy between both countries, by establishing forward-looking digital trade rules and norms to promote interoperability between digital systems. This will enable more seamless cross-border data flows and build a trusted and secure digital environment for our businesses and consumers.

I welcome the conclusion of the KoreaSingapore Digital Partnership Agreement. It will strengthen the digital connectivity between Singapore and the Republic of Korea, and add to our already robust economic ties. By aligning standards, enabling trusted data flows and allowing cross border digital transactions to take place more seamlessly, the KSDPA will open up opportunities for our businesses and people in the rapidly growing digital economy.

– Dr Tan See Leng, Second Minister for Trade and Industry

The KSDPA will prohibit data localisation except for specific purposes such as regulatory access. This allows businesses to transfer data securely as part of their daily business operations and allows businesses to choose where they may wish to store and process their data, according to their business needs. It will also deepen bilateral cooperation in new emerging areas like Personal Information Protection, E-payments, and Source Code protection.

ROK and Singapore will also identify cross-border opportunities to facilitate Artificial Intelligence innovation and collaborations. The DEA will complement Singapore’s efforts to develop multilateral rules to create an enabling environment for e-commerce as co-convenor of the World Trade Organisation Joint Statement Initiative on E-commerce.

Singapore and ROK enjoy strong economic ties. Singapore was ROK’s 8th largest trade partner in 2020, with bilateral trade reaching S$44.6 billion. As of end-2019, Singapore was ROK’s 9th largest investor in Asia, with about S$8.37 billion worth of investments recorded in ROK. ROK was Singapore’s 6th largest source of investments in Asia, with a cumulative direct investment of S$23.7 billion.

The KSDPA is part of a series of DEAs that Singapore has embarked upon. These agreements are an inter-agency effort led by the Ministry of Trade and Industry, Ministry of Communications and Information, and the Infocomm Media Development Authority, to advance collaboration in the digital economy and enhance digital connectivity.

As reported by OpenGov Asia, Singapore and the United Kingdom (UK) have also substantially concluded negotiations on the UK-Singapore Digital Economy Agreement (UKSDEA). The trade deal – Singapore’s third DEA – is intended to boost digital trade and data flows, such as the promotion of interoperable e-payment systems and the prohibition of local data storage requirements. It will also encourage digital economy participation, through channels such as online consumer protection rules, and e-commerce platform access for small businesses.

Under the UKSDEA, Singapore and the UK are also pursuing cooperative projects that provide a dynamic framework for bilateral cooperation on forward-looking and emerging issues. Singapore and the UK enjoy strong economic ties, with the UK being Singapore’s largest services trading partner in Europe. In 2019, bilateral services trade exceeded S$22 billion, of which around 70% could have been digitally delivered. The UK is also Singapore’s second-largest European investor and European investment destination, with over S$100 billion worth of UK investment stock in Singapore, and close to S$60 billion worth of Singapore investment stock in the UK.

PARTNER

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.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

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.

SUPPORTING ORGANISATION

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.

PARTNER

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. 

PARTNER

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.

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