The trade agreement was signed by Minister-in-charge of Trade Relations Grace Fu and EU Commissioner for Trade and Economic Security Maroš Šefčovič.
Few key features make up the EUSDTA. This includes maintaining a legal framework to protect the personal data of individuals based on guidelines developed by relevant bodies; fostering the adoption and use of internationally accepted standards of cross-border e-payments; supporting the implementation of e-invoicing; and not imposing customs duties on electronic transmissions.
The EUSDTA builds on the existing trade relations between EU and Singapore, anchored by the EU-Singapore Free Trade Agreement (EUSFTA).
The EU is Singapore’s fifth largest goods trading partner. In 2024, bilateral trade in goods grew to over $100 billion, representing 7.8% of Singapore’s total goods trade. The EU is also Singapore’s second largest services trading partner, with bilateral trade in services reaching over $110 billion in 2023.
See also: Trump says US to impose 30% tariffs on EU, Mexico next month
The agreement between Singapore and the EU comes at a time where global trade is shifting, amid a more protectionist approach implemented by Trump through his tariffs.
