Seeds of Wisdom RV and Economic Updates Tuesday Morning 7-30-24
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EU and Singapore finalise Digital Trade Agreement
The European Union (EU) and Singapore have successfully concluded negotiations for a landmark Digital Trade Agreement (DTA), an initiative aimed at setting global standards for digital trade and cross-border data flows.
On 25 July 2024, the European Union (EU) and Singapore successfully concluded negotiations for a landmark Digital Trade Agreement (DTA), an initiative aimed at setting global standards for digital trade and cross-border data flows.
This agreement, the first of its kind for the EU, complements the existing 2019 EU-Singapore Free Trade Agreement (EUSFTA) and shows deepening economic relations between the two regions.
The DTA is designed to facilitate digitally-enabled trade in goods and services, ensuring that data flows across borders without unjustified barriers.
It provides a framework that guarantees consumer trust, predictability, and legal certainty for businesses, especially small and medium-sized enterprises (SMEs).
This agreement also includes rules on spam and cybersecurity, reinforcing the EU and Singapore’s commitment to a secure digital environment (Trade) (EURAXESS).
European Commission Executive Vice-President Valdis Dombrovskis and Singapore’s Minister-in-charge of Trade Relations Grace Fu announced the conclusion of the negotiations, highlighting the agreement’s importance.
They emphasised that the DTA not only reflects the growing digital economies of the EU and Southeast Asia but also their shared commitment to maintaining open, competitive, and fair digital markets.
The agreement is part of the EU’s broader strategy to update digital trade rules globally, as seen in recent digital trade chapters with the UK, Chile, and New Zealand.
The EU and Singapore will now proceed with their respective domestic procedures to formally sign and conclude the DTA.
The deal is expected to enhance the digital transformation of both economies, fostering innovation and providing new economic opportunities.
It also aligns with the EU’s Indo-Pacific strategy, aiming to strengthen ties with key partners in this region.
In conjunction with the DTA, the second Trade Committee meeting under the EUSFTA took place, co-chaired by Minister Fu and Executive Vice-President Dombrovskis.
They noted the strong trade relations between the EU and Singapore, with annual trade in goods and services surpassing €130 billion in 2022.
The meeting also covered bilateral cooperation in areas like the green economy and discussed recent global economic developments, including issues at the World Trade Organisation (WTO).
The EU-Singapore Digital Partnership, launched in February 2023, laid the groundwork for this agreement.
This partnership included Digital Trade Principles aimed at facilitating the free flow of goods and services while upholding privacy and data protection standards.
The Digital Partnership and the DTA together represent a significant advancement in the EU’s efforts to lead in global digital governance.
The formal signing and implementation of the EU-Singapore Digital Trade Agreement will further strengthen economic ties and provide a model for future digital trade agreements worldwide.
The agreement is expected to be fully operational by mid-2025, providing a boost to digital commerce and innovation in both regions.
@ Newshounds News™
Read more: Trade Finance Global
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World Economic Forum document on “Decentralized and Non-Traditional Payment Schemes” cites Ripple as an example of an alternative rail for traditional payment systems 🔑
“If usage of the Ripple protocol were to expand to other banks, it could be EASILY used for real-time payment and settlement BETWEEN these institutions with NO automated clearing house or correspondent banks required.”
@ Newshounds News™
Read more: Twitter
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TRUMP'S PLAN IS TO DOLLARIZE THE WORLD THROUGH STABLECOINS
"This past Saturday, former president Donald Trump addressed the Bitcoin 2024 conference in Nashville, Tennessee, expounding upon the crypto and bitcoin policies likely to be implemented as part of a likely future Trump administration.
Speaking in front of a banner emblazoned with the logo of Xapo bank, an institution which hopes to serve as a global bridge between bitcoin, the U.S. dollar and stablecoins, Trump’s speech revealed a policy vision that would integrate those three in order to “extend the dominance of the U.S. dollar to new frontiers all around the world.”
"Talk of a threatened dollar has been circulating for years, with the petrodollar system now having ended and increasingly influential power blocs seeking alternatives to the dollar as a reserve currency. However, Trump – per his recent speech – seems poised to employ bitcoin as a sink for out-of-control U.S. government debt and to unleash the expansion of digital dollar stablecoins, which are already quietly dollarizing numerous countries in the Global South as the consequences of Covid-era fiscal policies continue to decimate the purchasing power of the 99% globally."
"Trump promised, among other things, to “create a framework to enable the safe, responsible expansion of stablecoins […] allowing us to extend the dominance of the U.S. dollar to new frontiers all around the world.” He then asserted that, as a result of his future administration’s embrace of dollar stablecoins, “America will be richer, the world will be better, and there will be billions and billions of people brought into the crypto economy and storing their savings in bitcoin."
@ Newshounds News™
Read more: Bitcoin Magazine
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