The agreement affirms the role of digital trade in promoting sustainable growth, and the Green Flag Alliance is stepping up cooperation with countries to remove barriers in this promising sector.
The Digital Trade Agreement with Singapore is the EU’s first of its kind. European Commission (EC) Executive Vice President and EU Trade Commissioner Valdis Dombrovskis said the agreement would not only benefit businesses and consumers, but would also make an important contribution to bringing the EU and Singapore economies closer together.
The EU is Singapore's second largest trading partner in services. According to Singapore's Minister for Trade Relations Grace Fu, by 2022, 55% of the total value of services trade between the two sides will be conducted digitally, reaching 43 billion euros.
On that solid foundation, the DTA is expected to contribute to strongly promoting economic cooperation between the two sides by removing barriers to cross-border data flows, enhancing online consumer protection, and creating a legal basis for businesses when participating in cross-border digital trade activities...
The DTA with Singapore is an important step forward in the EU's ambition to align digital trade rules with global partners.
The EU is also negotiating a DTA with South Korea, has included digital trade provisions in a series of Free Trade Agreements (FTAs) with the UK, Chile and New Zealand, and has concluded a cross-border data flow agreement with Japan.
Analysts say that with these agreements, the EU has affirmed its pioneering role in establishing a set of high-standard rules on digital trade between regions.
In addition, DTAs also contribute to promoting sustainable growth in the EU. According to the EC, by 2022, 55% of the total value of the EU's services trade with partners outside the bloc will be conducted digitally, reaching more than 1,300 billion euros.
Therefore, strengthening partnerships in this field is an important key to help the Green Flag Alliance seize “golden opportunities” for sustainable development, especially when the regional economy is facing many challenges.
Preliminary statistics from the European Statistical Office (Eurostat) show that in the first two quarters of 2024, the Eurozone economy grew modestly, at 0.3%.
Previously, for five consecutive quarters, the Eurozone's gross domestic product (GDP) grew at around 0%, mainly due to rising inflation leading to a sharp decline in purchasing power.
The EU's efforts to expand the DTA network are also a step in line with the current development trend of the world economy.
According to the Director General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala, during the period 2005-2022, the value of digital trade increased by an average of 8.1% per year, far exceeding the growth rate of traditional trade.
This is an inevitable development trend and at the same time a driving force for comprehensive and sustainable economic growth. The World Bank (WB) affirmed that the breakthrough of the digital trade sector has become an important driving force in the context of the global economy facing many "headwinds".
Not only do DTAs help the EU open new doors to economic cooperation, they are creating open spaces where the Blue Flag Alliance can assert a key role in the global digital transformation.
The relentless efforts in developing digital trade in recent times are expected to soon bear fruit, contributing to building a sustainable and prosperous future for the EU.
Source: https://nhandan.vn/khang-dinh-vai-tro-trong-thuong-mai-ky-thuat-so-post826635.html
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