Korea Holds Public Hearing on Negotiations with Singapore, First Digital Agreement Partner

Yoo Myung-hee, Chief Negotiator of the Ministry of Trade, Industry and Energy, having a video conference with Chan Chun Sing, Minister for Trade and Industry of Singapore. (Image source=Yonhap News)

[Asia Economy Reporter Moon Chaeseok] Five months after our government declared its intention to negotiate a Digital Partnership Agreement (DPA) with Singapore for the first time, a public hearing related to the negotiations will be held. The agreement will cover digital new industry trade such as e-commerce, which is difficult to regulate under existing trade norms like Free Trade Agreements (FTAs).

The Ministry of Trade, Industry and Energy announced that on the 24th at 10 a.m., a public hearing on the DPA negotiations with Singapore will be held at the Trade Tower in Samseong-dong, Gangnam-gu, Seoul.

Earlier in June, Vice Minister Yoo signed a joint declaration on the 'Korea-Singapore Digital Partnership Agreement (KSDPA)' negotiations with Chan Chun Sing, Singapore's Minister for Trade and Industry.

At that time, Vice Minister Yoo said, "We agreed to swiftly push forward negotiations aiming to achieve substantive results within this year."

Unlike FTAs, which cover goods, services, and norms, the DPA is a standalone agreement that regulates digital new industry trade matters.

The KSDPA includes not only normative elements of existing digital trade agreements but also cooperation elements such as personal data protection, artificial intelligence governance, fintech, and promotion of cooperation among small and medium-sized enterprises.

This public hearing is being held to explain the progress of the ongoing Korea-Singapore DPA negotiations and to gather opinions from stakeholders and experts.

Following presentations on the 'Progress of Korea-Singapore DPA Promotion' and 'Economic Feasibility Review of Korea-Singapore DPA,' a comprehensive discussion and Q&A session will be held with participation from academia, experts, and industry representatives as panelists.

The government is promoting the conclusion of a digital trade agreement with Singapore to effectively respond to the accelerating transition to a digital economy due to the COVID-19 pandemic.

Through the DPA with Singapore, it is expected to lower digital trade barriers, expand overseas advancement of digital new technology companies, and help enhance competitiveness.

Singapore is Korea's 12th largest trading partner and possesses a level of digital competitiveness similar to Korea.

The government expects that once the DPA with Singapore is concluded, opportunities for e-commerce and digital business will increase, and a foundation for strengthening bilateral cooperation will be established.

Jung Daejin, Director General of Trade Policy at the Ministry of Trade, Industry and Energy, said, "We will comprehensively collect various opinions raised at this public hearing and actively reflect them in the future Korea-Singapore DPA negotiation process."

The government also expects to participate in discussions on establishing international norms related to the DPA through the KSDPA.

This content was produced with the assistance of AI translation services.