Ministry of Trade, Industry and Energy Holds FTA Strategy Forum... Discussing 'Digital Trade' Response Strategies
[Sejong=Asia Economy Reporter Kwon Haeyoung] The Ministry of Trade, Industry and Energy jointly held the 5th Free Trade Agreement (FTA) Strategy Forum with the Korean International Trade Association on the 30th.
At this forum, expert opinions on the formation of digital trade norms were heard and our response strategies were discussed. Recently, discussions on digital trade norms have been actively taking place among major countries, and Korea is also promoting negotiations on the Korea-Singapore Digital Partnership Agreement (DPA) and joining the Singapore-New Zealand-Chile Digital Economy Partnership Agreement (DEPA).
Experts explained through forum presentations ▲ trends and prospects of World Trade Organization (WTO) e-commerce negotiations ▲ strengthening trends of bilateral and multilateral digital trade norms and analysis of core norms ▲ current status of digital trade barriers and corporate difficulties. In particular, while monitoring intergovernmental discussion trends on key issues such as personal information protection and free flow of information, they emphasized the need to support expanding business opportunities for our companies through digital trade norms.
To this end, it was also mentioned that Korea needs to actively participate in bilateral and multilateral trade agreement discussions centered on new digital-related trade norms to respond to the rapidly changing trade environment.
Meanwhile, since February, the Ministry of Trade, Industry and Energy has been holding the FTA Strategy Forum once a month in cooperation with the Korean International Trade Association to discuss major trade issues with private experts. The next forum scheduled for next month will include discussions on industrial and trade policies of various countries, including supply chains.
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An official from the Ministry of Trade, Industry and Energy stated, "Based on the discussions so far, we plan to comprehensively review the future direction of FTA promotion."
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