On 7 June 2023, delegations from the EFTA States and Singapore met via videoconference for the fourth round of negotiations toward a Digital Economy Agreement (DEA).

Esther Hauert Wermuth, Head of the Trade in Services Division at the Swiss State Secretariat for Economic Affairs, acted as the EFTA spokesperson, while Chua Shun Loong, Director for Europe in Singapore’s Ministry of Trade and Industry, headed Singapore’s delegation.

The delegations had in-depth discussions and made further progress in the text. They agreed on an article on digital inclusion in its entirety. Based on the article, the parties may, among other issues, seek to address barriers in accessing digital economy opportunities and exchange experiences to ensure that the benefits of the digital economy are widely shared. Delegations sounded out landing zones for several additional articles, including one on small and medium-sized enterprises, and undertook to aim to close them as soon as possible.

The EFTA States and Singapore also achieved further understanding on their respective approaches to cross-border data flows and the protection of personal data and privacy. They undertook to deepen exchanges in this regard in subsequent negotiation rounds.

Finally, delegations also exchanged views on the DEA stocktaking meeting between their Ministers, scheduled to take place on the margins of the EFTA Ministerial conference on 27 June 2023.

Economic relations between the EFTA States and Singapore

Total trade between the parties has been growing exponentially over the last twenty years. In 2022, total merchandise trade between the EFTA States and Singapore reached more than USD 10 billion. The main imports to the EFTA States were pharmaceutical products (80%), while most exports to Singapore were organic chemicals (25%) and clocks and watches (12%). Services trade and foreign direct investment between the knowledge- and technology-driven economies are likewise at a high level.

Source: EFTA