Canadian interests in digital economic partnership with NZ, Singapore and Chile

By Elishya Perera

AUCKLAND, New Zealand (CWBN)_The Minister of Trade and Export Growth for New Zealand, Damien O’Connor welcomed the announcement of Canada’s interest in joining the Digital Economy Partnership Agreement (DEPA) with  New Zealand, Singapore and Chile.

The Agreement expands bilateral trade opportunities by encouraging the use of digital tools including e–invoicing and payments, and streamlined customs procedures for parcels, and also provides a platform for close collaboration between governments, industry bodies and businesses.

As the COVID-19 pandemic has shown the critical importance of digital technology and innovation for national economies, O’Connor said that New Zealand’s priorities for the DEPA are to help enable the country to “build back better”.

“The DEPA comes at a time of considerable disruption to international trade and supply chains due to COVID-19, yet that experience has shown the value of our digital economy and digital trade,” the minister said in a statement issued by the Ministry of Foreign Affairs and Trade yesterday (Dec 17).

He also noted that the Agreement could change over time in order to adapt to developments in trade and innovation. “It was designed from the start to be a ‘living agreement’, meaning that it can change over time to include new elements and to bring new members into the partnership.”

The Agreement, which was concluded between New Zealand, Singapore and Chile, earlier this year, would enter into force in New Zealand and Singapore in January next year.

“The DEPA encourages further growth of digital aspects of our trading relationships, and supports the diversification of exports, which will improve our future resilience. I am pleased that the DEPA will enter into force for Singapore and New Zealand so early in the new year,” O’Connor said.

Canada’s addition to the Agreement would be significant to New Zealand, with bilateral trade worth over $2 billion between the two countries. Canada is also New Zealand’s 10^th largest services export destination and 14^th largest overall trading partner.