Government Initiates Accession Process for Digital Economy Partnership Agreement (DEPA)

[Sejong=Asia Economy Reporter Kwon Haeyoung] The Ministry of Trade, Industry and Energy announced on the 12th that it will officially notify New Zealand, the depositary country of the Digital Economy Partnership Agreement (DEPA), of Korea's intention to join DEPA on the 13th.

DEPA is a plurilateral digital agreement concluded by three countries: Singapore, New Zealand, and Chile. It was launched with the purpose of establishing key norms for digital trade and strengthening cooperation.

So far, the government has completed domestic procedures for initiating DEPA accession negotiations, including economic feasibility assessments, public hearings, and reports to the National Assembly, and has secured support for Korea's DEPA accession through informal consultations with DEPA member countries. With this notification from our side, Korea's DEPA accession process is expected to officially begin.

An official from the Ministry of Trade, Industry and Energy stated, "There is potential for expansion as a platform to build a digital cooperation network among Asia-Pacific countries," and added, "We plan to promptly start official accession negotiations and actively participate in discussions on regional digital trade norms."

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