Yeo Han-gu "Will Notify Intention to Join Digital Economy Partnership Agreement Within This Month"

Korea-Singapore Trade Ministers Meeting
Discussion on Cooperation for Digital Trade Norms including DEPA Accession

Yeohan-gu, Director General for Trade Negotiations, Ministry of Trade, Industry and Energy (file photo) [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] On the 6th, Yeo Han-gu, Chief Negotiator of Trade at the Ministry of Trade, Industry and Energy, announced in a video conference with Gan Kim Yong, Minister of Trade and Industry of Singapore, that Korea plans to officially notify its intention to join the Digital Economy Partnership Agreement (DEPA) in September.

DEPA is a digital trade agreement concluded in June 2020 among three DEPA members?Singapore, New Zealand, and Chile?all of which are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). It establishes key norms for digital trade and aims to strengthen cooperation. The agreement includes high-level digital norms such as facilitation of e-commerce, free flow of data, and personal information protection, and comprehensively regulates cooperation in new technology fields such as artificial intelligence (AI) and fintech.

Chief Negotiator Yeo stated, "Just as the former P4 (Singapore, New Zealand, Chile, Brunei) evolved into the CPTPP (11 countries), DEPA also has a high potential to develop into a broad platform with many participating countries and become a new global digital framework." He added, "Korea completed domestic procedures for DEPA accession through a report to the National Assembly last August and plans to officially notify the depositary country, New Zealand, of its intention to join in September."

He further noted, "As a traditional IT powerhouse, Korea is actively participating in discussions on digital trade norms, not only by pursuing DEPA accession but also by being in the final stages of negotiations on a Digital Partnership Agreement (DPA) with Singapore."

Additionally, Chief Negotiator Yeo emphasized that the Asia-Pacific region is a key axis for future global economic growth and that the need to establish regional digital trade norms to accelerate digital transformation and innovation is gradually increasing. He stressed the necessity of active discussions among like-minded countries such as Korea, Australia, the United States, Singapore, and New Zealand, and proposed that Korea and Singapore closely cooperate.

In response, Minister Gan Kim Yong expressed agreement on the necessity of cooperation among major countries in the Asia-Pacific region, noting Singapore’s active participation in discussions on digital trade norms. He also mentioned his hope to strengthen cooperation with Korea to establish new global digital trade norms.

Furthermore, both sides agreed that the rapid changes in the global trade environment?such as the spread of COVID-19, competition to build self-centered supply chains, and responses to climate change?have increased the need for policy cooperation between the two countries. They agreed to strengthen mutual cooperation not only in digital collaboration but also in new industries such as healthcare and vaccines, electric vehicles, and renewable energy sectors.

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