Singapore-New Zealand digital economy partnership takes effect

Taking effect on January 7, Singapore and New Zealand’s new digital economy partnership  will allow companies in both countries to conduct businesses with greater efficiency, increased trust, and reduced costs or digital barriers. 

The Digital Economy Partnership Agreement (DEPA) was first signed in June last year, between Singapore, New Zealand, and Chile. This would allow all three countries to enjoy business continuity among each other, crucial at a time when physical meetings and flights are constrained due to the COVID-19 pandemic. 

“The COVID-19 pandemic has greatly accelerated the pace of digital transformation globally. As more businesses carry out their activities in the digital sphere, agreements such as the DEPA will be even more critical in helping businesses transact and trade seamlessly,” said Minister for Trade and Industry Chan Chun Sing in a press statement released on the signing of DEPA. 

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The partnership agreement would also facilitate cooperation among SMEs, with capacity-building efforts and dialogues held to promote information sharing and exchange, says the Singapore government.

With DEPA, New Zealand hopes that it would allow small businesses to overcome the challenges of scale and distance to enter global markets that were previously only accessible to larger businesses, thereby speeding up their growth.