Government to Finalize 'Digital Partnership Agreement' with Singapore Within the Year... Strengthening Energy Cooperation
Yeoh Han-gu, Director General of Trade Negotiations at the Ministry of Trade, Industry and Energy, Meets Tan See Leng, Second Minister for Trade and Industry of Singapore
[Sejong=Asia Economy Reporter Kwon Haeyoung] The government has decided to strengthen cooperation in digital transformation and low-carbon energy, including pushing for the conclusion of the Korea-Singapore Digital Partnership Agreement (DPA) within this year.
On the 8th, Yeo Hangoo, Director-General for Trade Negotiations at the Ministry of Trade, Industry and Energy, met with Tan See Leng, Second Minister for Trade and Industry of Singapore, in Seoul to discuss industrial and trade cooperation between the two countries.
To actively respond to the globally accelerating digital transformation, the government proposed jointly playing a role not only in bilateral relations but also on the global stage such as ASEAN in establishing digital trade norms. Specifically, it was evaluated that the Korea-Singapore DPA negotiations, which began in July last year, have entered the final stage, and both sides agreed to accelerate working-level negotiations aiming for conclusion within this year. The Korea-Singapore DPA is the country's first bilateral digital trade agreement, including norms necessary for new digital trade and various cooperation elements.
Additionally, considering the future importance of digital trade in Korea-ASEAN economic relations, the government proposed initiating the establishment of Korea-ASEAN digital trade norms and a cooperation framework through joint research and other means.
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Furthermore, the government suggested strengthening cooperation in hydrogen and renewable energy sectors to respond to climate change and transition to a green economy. It also requested continuous attention and support from the Singapore government to ensure smooth business activities and resolve difficulties faced by Korean companies investing in Singapore.
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