Global trade shifts to digital economy

global trade shifts to digital economy

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.

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