SINGAPORE – South Korea has become the fourth member of the Digital Economy Partnership Agreement (Depa) founded by Singapore, New Zealand and Chile.
Depa, which came into effect in January 2021, establishes key rules on digital trade and economic collaborations on issues such as digital identities, cross-border data flows and artificial intelligence to help businesses, especially smaller ones, engage in digital trade and electronic commerce.
A joint statement by Depa members said South Korea’s accession is an important milestone and a testament to the open and inclusive nature of the agreement.
Members of Depa commit themselves to advancing the digital economy by seeking ambitious regulations on digital trade, it added. “Expansion of Depa will add to the heft of the agreement and provide greater opportunities for collaboration,” said the statement released on May 3.
South Korea’s accession follows the announcement of the substantial conclusion of discussions in June 2023 and the completion of legal procedures.
Singapore’s Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations, Ms Grace Fu, said: “I hope we can build on this momentum to ensure that Depa remains an open and inclusive agreement to all economies that are able to meet its high standards.”
South Korean Trade Minister Cheong In-kyo said his country will make efforts for the expansion of Depa while acting as a bridge between founding and new members as the first non-founding member.
Chile’s Undersecretary for International Economic Relations, Ms Claudia Sanhueza, and New Zealand’s Trade Minister Todd McClay also welcomed South Korea. Mr McClay said South Korea has “impressive experience in the digital economy and its accession demonstrates Depa’s value as a pathfinder agreement for economies with high ambition for digital trade”.
Chile, New Zealand and Singapore signed Depa in June 2020. South Korea formally applied to join in September 2021. China, Canada, Costa Rica and the United Arab Emirates are negotiating to join the pact.
Depa is one of the several digital trade agreements Singapore has pursued in recent years that will enable companies here to connect digitally with their overseas partners more seamlessly.
These agreements aim to lower the cost of operations, increase business efficiency and create more seamless and easier access to overseas markets.
