This study recommends ten areas of mutual benefit where Australia and Singapore can work on specific projects and programmes and align on international standards: artificial intelligence, distributed ledger technology, smart cities, digital identities, e-payments, e-invoicing, Internet of Things, data protection and privacy, cross-border data and data portability.
The digital economies of Australia and Singapore have been growing rapidly as both countries increasingly adopt digital technologies to expand various industry sectors. The two countries already enjoy a strong trading relationship but, as this report highlights, there is significant scope to further increase and accelerate overall trade between the two economies through harnessing their national digitalisation efforts. Greater use of new and emerging technologies is not only creating trade opportunities in digital goods and services, it is also increasing the trade in physical goods and services that can be delivered digitally or otherwise enhanced through digital enablers.
As such in this report, we define digital trade to be more than just e-commerce, encompassing the digitalisation of all aspects of trade including:
- digital goods and services
- digital delivery of tangible goods and services
- digital enablers of trade, and
- emerging technologies that have the potential to significantly transform trade in terms of speed, scale, and scope
Download the Australia-Singapore Digital Economy Cooperation on Standards Research Report here
Download the Australia-Singapore Digital Economy Cooperation on Standards presentation here
For more info on the Australia-Singapore Digital Economy Agreement see:
- Australian Government Department of Foreign Affairs and Trade – Australia-Singapore Digital Economy Agreement
- Ministry of Trade and Industry, Singapore – Singapore-Australia Digital Economy Agreement (SADEA)
Image from EDB