On 16 February 2023, high-level representatives of the member states of the European Free Trade Association and the Republic of Singapore they met virtually. They have started negotiations on an agreement regarding the digital economy.
On this occasion, the diplomatic representatives of Switzerland, Norway, Iceland, Liechtenstein and the City-state Asia adopted a joint statement.
It lays the foundations for a fruitful collaboration.
It reads, by way of a preamble: "Today marks the start of negotiations between the EFTA countries and Singapore for an agreement on the digital economy. The states party to the European Free Trade Association and the Republic of Singapore have strong and long-standing economic relations. Trade and investment ties are growing rapidly, thanks to the EFTA-Singapore Free Trade Agreement, which came into force in 2003”.

The 2023 topics of the "Digital Switzerland" strategy defined

“We recognize the potential of consistent rules and a clear framework”

And yet: “The Digital Economy Agreement will further strengthen this partnership and create new opportunities for businesses and citizens of the five countries. The EFTA States and Singapore, as digitally and forward-thinking economic partners, are committed to open and connected digital economies. We recognize the potential of consistent rules on digital trade to provide a clear and secure framework conducive to trading goods and services."
“Through the provisions on digital trade we intend to introduce, EFTA and Singapore will build on and complement other international processes and initiatives, including the ongoing negotiations under the WTO Joint Declaration Initiative on e-Commerce”.

Digital transition and climate neutrality to get out of the tunnel

“Raising Ambitions of Technical Standards Globally”

“Together, EFTA Member States and Singapore play a leading role in setting world-class digital trade standards and raising global digital standards ambitions.”
For the European Free Trade Association, Dominique Hasler, Minister of Foreign Affairs, Education and Sport of the Principality of Liechtenstein as well as President of the EFTA Council, Guy Parmelin, Federal Councilor of the Swiss Confederation and Head of the Federal Department of Economy, Education and Research, Martin Eyjólfsson, Permanent Secretary of the Ministry of Foreign Affairs of Iceland, and Petter Ølberg, Ambassador and Representative at the Permanent Mission of Norway in Geneva.
For SingaporeS. Iswaran, Minister in Charge of Trade Relations, spoke instead.

Digital finance: 12 business areas decided in Switzerland

In 2021 a free trade for more than 10 billion dollars

What are the economic relations between the EFTA states and Singapore?
Total bilateral trade between the parties has grown exponentially over the past twenty years.
In 2021, the total value of trade in goods exceeded $10 billion.
The main imports into the EFTA States were pharmaceuticals (80,3 per cent).
Most of the exports to Singapore are organic chemicals (44,6) and watches (21,6).
Foreign direct investment and services transactions traveling between Singapore, Bern, Vaduz, Oslo and Reykjavik among the knowledge- and technology-based economies are also at a high level.

The fuel federalism of the "Digital Switzerland" Committee