SEOUL, South Korea — South Korea has officially become the fourth country to join the Digital Trade Economy Partnership Agreement (DEPA), joining founding members Singapore, Chile, and New Zealand. The agreement, which came into effect in January 2021, aims to establish fundamental rules on digital trade issues such as digital identities, cross-border data flows, and the use of artificial intelligence.
According to Yonhap News Agency, South Korea's accession marks a significant milestone for the DEPA, enhancing the agreement's influence and the potential for increased digital cooperation. "The DEPA commits parties to ambitious disciplines on digital trade to advance the growth of the digital economy," the statement highlighted. South Korea's industry ministry anticipates that joining the DEPA will expand the nation's online-based businesses with other regions, including Southeast Asia, Oceania, and the Americas.
Trade Minister Cheong In-kyo expressed South Korea's commitment to furthering the DEPA's goals during a celebration in Paris, stating that the country will assist in expanding the agreement's membership and establishing a robust digital cooperation framework. Negotiations are currently ongoing with China, Canada, Costa Rica, and the United Arab Emirates to join the DEPA.