Singapore, 7 May 2025 – Singapore and the European Union (EU) have taken a major step forward in strengthening their economic partnership with the signing of the European Union–Singapore Digital Trade Agreement (EUSDTA). The agreement was signed in Singapore by Minister-in-Charge of Trade Relations, Ms Grace Fu, and EU Commissioner for Trade and Economic Security, Mr Maroš Šefčovič.
The EUSDTA aims to enhance digital connectivity and facilitate seamless digital trade between the EU and Singapore. Once implemented, the agreement will establish clear and robust rules governing digital trade and cross-border data flows, providing legal certainty for businesses and individuals. It also underscores the shared ambition of both parties to deepen bilateral economic integration in the digital realm.
Minister Fu remarked, “In these uncertain and challenging times, the signing of the EUSDTA marks a significant milestone in advancing digital economic cooperation between Singapore and the EU. It reflects our joint commitment to building a trusted, secure, and inclusive digital economy, unlocking new opportunities for our businesses and people. As the EU’s first bilateral digital trade agreement with an ASEAN country, this deal also paves the way for stronger region-to-region digital connectivity.”
Both Minister Fu and Commissioner Šefčovič reaffirmed their strong partnership and shared commitment to upholding an open, rules-based multilateral trading system. They also discussed deepening cooperation in emerging sectors and strengthening regional collaboration on key trade and economic issues.
The EUSDTA builds on the EU-Singapore Free Trade Agreement (EUSFTA), further solidifying economic ties between the two partners. The EU is currently Singapore’s fifth-largest goods trading partner, with bilateral goods trade exceeding S$100 billion in 2024, accounting for 7.8% of Singapore’s total goods trade. The EU is also Singapore’s second-largest services trading partner, with over S$110 billion in services trade in 2023. Investment links remain robust, with the EU ranking as both Singapore’s second-largest foreign investor and overseas investment destination.
The signing of the EUSDTA marks a new chapter in EU–Singapore economic cooperation, positioning both partners to thrive in a fast-evolving digital global economy.