The European Union and Singapore have taken a significant step forward in their bilateral trade relations with the signing of a Digital Trade Agreement in deepening EU-Singapore cooperation in the digital domain. It also reflects the clear commitment of both sides to strengthen their longstanding economic relations and uphold the rules-based trading order.

The Agreement opens up new avenues for bilateral digital trade, while fostering innovation. It will enhance legal certainty and ensure a safer online environment. Once it is in effect, the more than 12,000 EU businesses operating in Singapore will feel its benefits firsthand.

The EU and Singapore are building on a strong foundation: in 2023, bilateral trade in goods and services reached €132.7 billion, while EU Foreign Direct Investment in Singapore stood at €263 billion, making it our fifth largest destination globally. These figures reflect the success of existing agreements, including our Free Trade Agreement; our Partnership and Cooperation Agreement; and our Investment Protection Agreement.

Source: European Union Delegation to Singapore