The EFTA–Singapore Digital Economy Agreement (ESDEA) entered into force for Singapore and Norway today, Singapore’s Ministry of Trade and Industry announced in a press release.
The agreement sets rules to support cross-border digital trade, including provisions aimed at enabling trusted data flows and giving businesses clearer legal certainty when providing digital services, including in financial services.
It also promotes interoperable digital systems such as paperless trade processes and e-invoicing, with the stated aim of making cross-border digital transactions more efficient.
Singapore said its services trade with the EFTA states exceeded S$30 billion in 2023, with nearly half estimated to have been digitally delivered, and financial services accounting for about 20% of those digitally delivered services.
The agreement has not yet entered into force for Iceland, Liechtenstein, or Switzerland, as their ratification processes are still ongoing.
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