Iceland: Singapore and European Free Trade Association concluded negotiations on Digital Economy Agreement

On 10 July 2025, the Ministry of Trade and Industry of Singapore and the European Free Trade Association (EFTA) concluded negotiations on the Digital Economy Agreement. The agreement applies to firms engaged in cross-border digital trade, including e-payments, cloud services, and digital platforms, with a focus on supporting small and medium enterprises. The agreement aims to facilitate open and secure data flows, prohibit customs duties on electronic transmissions and promote paperless trade. It also seeks to ensure interoperability of e-payment and e-invoicing systems, and include protections for personal data, source code, and cryptography. It also seeks to foster cooperation on artificial intelligence, cybersecurity, fintech, and digital inclusion.