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Singapore’s PM urges trade rules update for digital

Joint IIC - Italian Chapter and Agcom workshop

Singapore Prime Minister Lee Hsien Loong has called on leaders of Asia-Pacific economies to do much more to shape rules for emerging areas in the digital economy, such as electronic payments and digital identity, reports the Straits Times. “He made the point that virtually every type of cross-border transaction now has a digital component, such as data management, cybersecurity or internet connectivity. Speaking at the leaders’ retreat of the Asia-Pacific Economic Cooperation (Apec) summit in Papua New Guinea, Lee said firms such as Alibaba and Amazon Digital are turning millions of small enterprises around the world into micro-multinationals, exponentially increasing the number of participants in the digital economy.” Current trade rules have to be updated to address the increasing digitisation of trade and accommodate more sophisticated transactions and consumers, he added. For instance, new mechanisms to deal with cross-border flows of data are needed. At the same time, the mechanisms must allow for regulation to keep data secure and protect privacy. Apec can do much more to advocate standards, he added, and that shared standards need to be worked out to avoid having different systems in different countries. Read more

  • Tuesday, 20 November 2018

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