Minister for Enterprise, Trade and Employment Peter Burke TD and Minister of State for Trade Promotion, Digital and Company Regulation Dara Calleary TD have welcomed the news that an agreement has been reached on a Digital Trade Agreement (DTA) between the EU and Singapore, which complements the 2019 EU-Singapore Free Trade Agreement. Negotiations for the DTA concluded on 25 July 2024.
Commenting on the conclusion of negotiations, Minister Burke said:
“Ireland has a significant trade relationship with Singapore with trade worth €22 billion in 2022, 93% of which was accounted for by services. The EU Singapore Digital Trade Agreement will boost trade connection and provide further opportunities for growth, bringing the preferential trade partnership into the digital domain at a time when more than half of EU trade in services is digitally delivered. The Digital Trade Agreement is a modern, self-standing agreement, the first of its kind concluded by the EU. It sets a high standard for digital trade and rules for cross border data flows between the EU and Singapore and reflects Ireland’s and the EU’s ambition for digital trade globally.”
The DTA builds on the EU’s approach for digital and data rules that puts people and their rights at the centre and clarifies that the EU’s personal data protection rules will not be affected. The Agreement ensures full respect for the EU’s privacy and data protection framework, and EU’s regulatory space in pursuing legitimate public policy objectives.
Minister for Trade Promotion, Digital and Company Regulation, Dara Calleary also welcomed the agreement and said:
“Digital trade is creating new opportunities for economic growth and high-quality employment in Ireland and across the EU. For an advanced economy like Ireland, digital trade is an important element in fostering innovation in our industries, including our SMEs which enables Ireland to continue to create jobs, prosperity and generate sustainable, long-term productivity growth.”
The conclusion of this agreement provides Irish exporters with greater market access and a greater level playing field which will help Irish enterprises to further diversify their markets. Irish-owned SMEs are developing strong trade links with Singapore and this trade is growing steadily. More than 130 Irish SMEs have a presence in Singapore and Enterprise Ireland has been working with companies on the ground in Singapore to further grow their business.
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