INCOTRANS® - International Business Group’s Post

The EU and Singapore concluded a Digital Trade Agreement! 🌐 This landmark deal boosts digital trade, ensures data flow, and enhances trust, benefiting businesses and consumers alike. 🚀 #DigitalTrade #EU #Singapore More than half of the total trade in services between the EU and Singapore is already digitally delivered and accounted for 55% of the total EU-Singapore trade in 2022 (worth €43 billion). https://lnkd.in/grvHbqnF

#EU and #Singapore concluded negotiations for a Digital Trade Agreement (#DTA). This deal is the first EU agreement of its kind, reflecting the EU's aspiration to be a global standard-setter for digital trade rules and cross-border data flows. This deal will boost EU-Singapore trade relations by: ✔ facilitating digitally-enabled trade in goods and services; ✔ ensuring cross-border data flows free of unjustified barriers; ✔ enhancing trust in digital trade, including through strong rules on spam. Assocamerestero #Singapore #Europe #asiapacific #digitalization

🇪🇺 🇸🇬 EU and Singapore strengthening digital trade ties with new DTA 💻 Recently, the EU and Singapore agreed upon a new Digital Trade Agreement (DTA), aimed at boosting online trade and facilitating better data flows. 🤝 The deal followed talks in Brussels by Trade Commissioner Valdis Dombrovskis and Singapore’s Minister for Trade Relations Grace Fu. The DTA is designed to to: --- Facilitate digitally-enabled trade in goods and services --- Ensure cross-border data flows free of unjustified barriers --- Enhance trust in digital trade, including through strong rules on spam 🌏 With the new agreement, the EU has forged another partnership in Asia amidst commercial tensions with China. Similar agreements are being negotiated with South Korea, and in July, a Data Flow Agreement with Japan came into force. 📈 Singapore also stands to benefit, as Grace Fu highlighted that the EU is Singapore's second-largest partner in digital trade. The agreement will come into effect after approval by Singapore and the EU’s member states. Follow EQ+ to stay up to date about all relevant developments between SE Asia and the EU! #DTA #Digital #Trade #Agreement #EU #Singapore #SEAsia #Eqplus

The European Union and the United States convened the fifth meeting of the EU-US Trade and Technology Council (TTC) in Washington, D.C., marking a significant platform for transatlantic collaboration on trade and technology. Chaired by key figures including European Commission Executive Vice-Presidents Margrethe Vestager and Valdis Dombrovskis, US Secretary of State Antony Blinken, US Secretary of Commerce Gina Raimondo, and US Trade Representative Katherine Tai, along with European Commissioner Thierry Breton, the meeting aimed to assess the progress of the TTC's initiatives and set priorities for the upcoming Ministerial meeting in Belgium during the spring. Key highlights from the meeting included a shared commitment to boost bilateral trade and investment, foster cooperation on economic security and emerging technologies, and advance mutual interests in the digital realm. Both sides agreed to explore avenues for facilitating trade in goods and technologies crucial for the green transition, emphasizing cooperation on conformity assessment. Tangible progress on digital trade tools to streamline processes for companies across the Atlantic was also a focal point, alongside strengthened approaches to investment screening, export controls, outbound investment, and dual-use innovation. Building on a previous commitment, the EU and the US welcomed the International Guiding Principles on Artificial Intelligence (AI) and the voluntary Code of Conduct for AI developers adopted in the G7, signaling continued collaboration on international AI governance. The meeting also addressed the industry roadmap on 6G and progress in supporting secure connectivity globally, particularly for 5G networks and undersea cables. In response to disruptions in the semiconductor supply chain, activated by China's controls on gallium and germanium, the EU and the US intensified coordination on critical raw materials essential for semiconductor production. Both sides exchanged information on public support for investments under the EU and US Chips Acts, and a roundtable on the semiconductor supply chain explored potential cooperation in legacy semiconductor supply chains. Additionally, discussions covered a report mapping EU and US approaches to digital identity, currently open for public comments. The next TTC Ministerial meeting is scheduled for spring in Belgium, hosted by the Belgian Presidency of the Council. The EU-US TTC, launched in June 2021 by European Commission President Ursula von der Leyen and US President Joe Biden, serves as a forum for in-depth discussions and coordination on key trade and technology issues, fostering transatlantic cooperation on mutual concerns. The EU and the US, as key geopolitical and trading partners, have seen bilateral trade reach historic levels, surpassing €1.5 trillion in 2022, including over €100 billion in digital trade. https://lnkd.in/dJQhaC2u #TTC, #USChipsAct, #EUChipsAct, #TradeCompliance

The EU and Singapore have finalized discussions for a Digital Trade Agreement (DTA) today. Negotiations began on July 20, 2023. This is the EU's first agreement of this nature. The DTA will complement the 2019 EU-Singapore Free Trade Agreement and further strengthen trade relations between the EU and Singapore. The EU and Singapore will now proceed with their respective procedures to move towards formal signature and conclusion of the agreement. The agreement is central to the EU's objective of setting up modern digital trade rules with global partners. This ambition is also reflected in the digital trade chapters of recent free trade agreements with the UK, Chile, and New Zealand, as well as in the cross-border data flows agreement reached with Japan, which entered into force on July 1, 2024. A similar agreement on digital trade with South Korea is currently under negotiation. For more information: https://lnkd.in/g_2J2Cg9

New global rules to simplify trade in services enter into force in the WTO Trade in services just got a boost with the entry into force of new World Trade Organization (WTO) rules facilitating and simplifying trade in services. The new rules apply to a large and diverse group of WTO Members, including developed, developing and least developed countries - representing 92% of world trade in services. The set of rules agreed in the Joint Initiative on Services Domestic Regulation will streamline authorisation requirements and ease procedural hurdles faced by businesses around the globe, in particular micro, small and medium-sized enterprises. This agreement will help reduce the costs of global services trade by more than €110 billion every year, by ensuring transparency, efficiency and predictability of authorisation and qualification requirements and procedures. https://lnkd.in/dUB6wRwa

A good day for free trade between EU and UK! The extension of the rules will significantly contribute to the ramp up of electromobility.

Today, the EU and the Philippines officially announced the resumption of negotiations for an ambitious, modern and balanced free trade agreement (FTA) - with sustainability at its core. Trade agreements such as these are a cornerstone of the EU's economic security, opening new opportunities for businesses and consumers, strengthening supply chains and promoting sustainable trade practices. An FTA with the Philippines, a booming economy of 115 million people in the heart of the strategically important Indo-Pacific region, would therefore be a valuable addition to the EU's network of trade deals.

EU and Singapore Finalize Digital Trade Agreement! Singapore is a key partner for the EU in South-East Asia, being the largest trade and investment partner in ASEAN. Digital trade is more important than ever, with over 60% of global GDP now linked to digital transactions. In 2019, global online sales soared to over €24 trillion. The EU is the world's largest exporter of services, with nearly half being digital. In 2022, more than 55% of the total trade in services between the EU and Singapore was digitally delivered, amounting to €43 billion. #EUSingapore #DigitalTrade #GlobalEconomy #TradeAgreements #DigitalEconomy #EU #Singapore #ASEAN

Revised EU Market Definition Notice Yesterday, the European Commission provided the antitrust community with up-to-date guidance on its view on the concept of relevant markets in EU competition law matters. The new Notice highlights globalisation, sustainability, and digital markets as major factors in today's competitive reality. Compared to the old 1997-Notice, the long-awaited revised Notice now takes into account 🌍 global competition; 📲 multi-sided platform markets and digital ecosystems; 💸❌ non-price competition; and 💡 R&D and innovation competition. Check out the entire Notice here: https://lnkd.in/gmQgmsex