Sumary of Global trade shifts to digital economy:
- IF something positive has come out of the pandemic, it may be the hastened transition to the digital economy.
- But with quarantines still limiting movements, economic activities have been shifting to the digital sphere out of necessity and despite inadequate infrastructure.
- Singapore, for example, has forged digital economy agreements (DEAs) with Australia, New Zealand and Chile.
- Photo shows some non-essential establishments inside a mall in Fairview, Quezon City that are still closed.
- PNA PHOTO/TMT FILE PHOTO The Philippines should follow that lead.
- According to a Singaporean government website, “Digitalization and technological disruption, accelerated by the impact of the Covid-19 pandemic, have transformed consumer behaviors and business models considerably and created new opportunities.
- ” It went on to say, “Secure and seamless cross-border data flows are essential to the growth of the digital economy and to ensure that consumers’ interests are safeguarded.
- ” With the DEAs, Singapore hopes to harmonize its digital rules and standards with its treaty partners as well as facilitate interoperability among systems in the signatory countries.