Business Korea - 07 September 2021
South Korea preparing to join Digital Economy Partnership Agreement
By Jung Suk-yee
South Korean Trade Minister Yeo Han-koo had an online meeting with Minister of Trade and Industry of Singapore Gan Kim Yong on Sept. 6, saying that South Korea would make an official announcement this month on its accession to the Digital Economy Partnership Agreement.
The agreement is a digital trade agreement concluded by Singapore, New Zealand and Chile. It is to establish rules on digital trade and strengthen cooperation. The rules cover e-commerce promotion, easier data transfer, personal information protection, and so on and the cooperation is in the field of artificial intelligence, fintech, etc.
“South Korea completed its domestic procedure for accession by reporting to the National Assembly in August and it will express its will to join this month,” the trade minister explained, adding, “At the same time, the Digital Partnership Agreement talks between South Korea and Singapore will be wrapped up soon and the two agreements will lead to a higher level of mutual cooperation.”
“Given that the necessity of establishing digital trade rules in the Asia-Pacific region is increasing, more discussions are needed between South Korea, Australia, the United States, Singapore, New Zealand, and so on,” he went on to say.