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S. Korea seeks to join DEPA, promote digital trade

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Yonhap | 11 May 2021

S. Korea seeks to join DEPA, promote digital trade

By Kang Yoon-seung

SEOUL, May 11 (Yonhap) — South Korea held a public hearing on Tuesday on its bid to join a global pact on the digital trade sector that covers a wider array of issues beyond conventional free trade agreements.

The hearing came as South Korea plans to join the Digital Economy Partnership Agreement (DEPA), which centers on expanding ties in the digital trade segment among its members, according to the Ministry of Trade, Industry and Energy.

The DEPA, which currently covers Singapore, New Zealand and Chile, came into effect in January this year.

Through the pact, the member countries are expected to speed up the growth of the financial technology and e-payment segments.

"The DEPA, which seeks so-called open plurilateralism, is expected to include more members through the Asia-Pacific region," the ministry said in a statement. "South Korea’s participation in the agreement will help the country expand its digital network."

South Korea plans to continue making preparations to join the agreement throughout this year.

 source: Yonhap