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Thailand and Singapore sign MoU on digital economy partnership


Singapore has invited Thailand to join its Digital Economy Partnership Agreement (DEPA), which aims to promote six aspects of the digital economy between the two countries.

After attending the Asia-Pacific Economic Cooperation (Apec) trade ministers’ meeting in Bangkok, Singapore’s Minister for Trade and Industry, Gan Kim Yong, on Sunday invited Thai Minister of Digital Economy and Society Chaiwut Thanakamanusorn to sign a memorandum of understanding (MoU) to promote the DEPA between Singapore and Thailand.

The DEPA will cover six aspects: Facilitating seamless end-to-end digital trade, enabling trusted data flows, use of fintech and e-payments, developing safe and secure digital identities, improving confidence of businesses and consumers, and introducing digital economy standards.

The DEPA will also pave the way to future collaborations over emerging technologies such as AI or blockchain, which can be used to promote international digital economy.

After discussions, Chaiwut said the signing of the MoU is a significant step that requires thorough a study of the subjects, and the ministry will host a sounding session from experts in related fields before deciding to enter the deal with Singapore.

Thailand hosted this year’s Apec trade ministers’ meeting on Saturday and Sunday in Bangkok, although the forum was disrupted on Saturday when representatives of the United States, Japan, Canada, Australia and New Zealand walked out as the Russian representative stood up to make a speech. The walkout was in protest over Russia’s invasion of Ukraine.

Commerce Minister Jurin Laksanawisit, who chaired the meeting, insisted the walkout would have no impact on progress made at the forum.

Published : May 23, 2022

By : THE NATION