Singaporean Minister of Communications and Information S. Iswaran has said together with the development of new sectors and the strong shift towards digital economy, his country needs to fine-tune trade policies, including embarking on digital trade agreements.
At a symposium on October 23 to commemorate 20 years of Singapore's free trade agreement (FTA) strategy, he said current trade rules and policies may fail to meet all the needs of the digital economy enough. Therefore, Singapore needs to add new policies that better match requirements in reality.
He also affirmed the importance of FTAs to his country amidst the world's complex trade environment, adding that Singapore will continue making use of FTAs to enhance and diversify trade partnerships with other countries, thus creating new opportunities for its businesses in foreign markets.
Singapore has signed 24 FTAs with foreign partners over the last 20 years. The value generated from these pacts often accounts for over 90 percent of the country's annual trade revenue.
Source: China ASEAN Business Council