DEPA is an agreement between New Zealand, Singapore and Chile. It is divided into twelve “modules” or specialized sections, ranging from the relative banal (“trade facilitation”), including, for example, the recognition of electronic versions of export certificates or assistance in the use of payments via the internet, to the high levels of confrontation with principles and ethics to regulate complex border technologies such as artificial intelligence and digital identity. In some areas, DEPA is only committed to cooperating in the development of new rules, policy approaches or improving “interoperability” (technical or regulatory) to support the smooth operation of systems in all three countries. Businesses are encouraged to participate in Singapore`s digitization initiatives, such as the Go Digital SME Programme and the National Electronic Billing Network, which target DEPA to reach more international markets and take advantage of the benefits of participation in the digital economy. Negotiators from Chile, New Zealand and Singapore had to look at how to properly regulate digital commerce while ensuring that new technologies could continue to thrive. At first, the purely digital agreement remains relatively reluctant to many provisions, with commitments for future work and consultations as part of the evolution of the framework. How does this fit with other digital works? This agreement is intended to complement the WTO negotiations on e-commerce and build on the work of the digital economy under way through APEC (external link), OECD (external link) and other international for a. “The global crisis has prompted us – and will continue to seek – advanced and innovative solutions to the challenges facing our economies: economic reactivation, employment, competitiveness and productivity, among others (…) In this line, DEPA is a new form of economic integration in the digital age, as the agreement establishes new rules for digital trade, promotes cooperation in new areas and promotes interoperability between our systems,” he said. These sectors are in line with the technological fields of research, innovation and enterprise 2020 (RIE2020) in Singapore, which aim to improve Singapore`s research capabilities and support economic growth in key areas such as digital health, agri-food technologies, urban mobility and logistics and supply chain. The evolution of trade in the digital age is creating new barriers to trade. DEPA is Singapore`s first digital economy agreement.
The electronic signature highlights the possibilities of digital connectivity to enable business continuity during the ongoing COVID 19 pandemic. The agreement promotes cooperation on key emerging issues in the digital economy and promotes interoperability between the systems of different countries.