Ministry of Culture, Science and ICT, and Ministry of Trade, Industry and Energy Launch Public-Private Joint 'Digital Trade Strategy TF'

Minister of Culture, Sports and Tourism Park Yang-woo.

[Asia Economy Reporter Donghyun Choi] The Ministry of Culture, Sports and Tourism announced on the 8th that it held the inaugural meeting of the 'Digital Trade Strategy Special Task Force (TF)' in a public-private joint effort with the Ministry of Trade, Industry and Energy, the Ministry of Science and ICT, and industry representatives.

This TF was established to actively reflect the domestic industry's stance on the complex and diverse trade issues arising from the activation of digital trade. The purpose is to fully engage in discussions on digital trade norms expected following the acceleration of the global economy's digital transformation due to COVID-19 and the inauguration of the Biden administration in the United States. The TF will play roles such as ▲identifying normative elements reflecting our interests based on difficulties faced by digital companies in overseas expansion ▲analyzing the global competitiveness of digital companies and the expected industrial effects of adopting trade norms (such as CPTPP) ▲discovering international cooperation projects to support the overseas expansion of digital companies.

In this regard, in each industrial sector such as cloud, big data, artificial intelligence (AI), platforms, and digital content, relevant ministries (Ministry of Science and ICT, Ministry of Culture, Sports and Tourism, etc.), related organizations, and industry will take the lead in conducting in-depth analyses including gathering corporate opinions and impact assessments.

At this meeting, the Ministry of Trade, Industry and Energy explained domestic digital trade negotiation trends including the World Trade Organization (WTO) e-commerce negotiations, the Korea-Singapore Digital Partnership Agreement (DPA), and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) under consideration for accession. They also listened to related opinions and the current status of trade responses from digital companies from relevant ministries and industry.

Jeong Hee-kwon, Director of International Cooperation at the Ministry of Science and ICT, who attended the meeting, emphasized, "Linking trade policy is important to establish the overseas expansion foundation for innovative companies in the digital sector at an early stage," adding, "We will actively communicate with the industry and prepare so that digital agreements can promote our companies' entry into emerging markets and strengthen domestic industrial capabilities."

Additionally, Lee Soo-myeong, Director of the Copyright Bureau at the Ministry of Culture, Sports and Tourism, stated, "Domestic content such as films, music, and games will be fostered as industries with global competitiveness in digital trade," and added, "We will communicate with related ministries and industry to establish a digital trade strategy that supports the overseas expansion of K-content and content platforms, thereby solidifying the status of Korea as a cultural powerhouse."

Jeong Dae-jin, Director of Trade Policy at the Ministry of Trade, Industry and Energy, who presided over the meeting, said, "To closely respond to the upcoming digital trade norm negotiations and maximize national interests, it is essential to establish norms reflecting the voices of our companies," and urged, "As both public and private sectors deeply recognized the importance of digital trade norm discussions through this meeting, we must actively participate so that Korea can play a leading role in the digital trade negotiation process."

The TF plans to form small groups by industry sector for accelerated discussions, and the Ministry of Trade, Industry and Energy along with related ministries will actively reflect the results of these discussions in future digital trade negotiations and policy formulation processes.

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