Singapore and South Korea have finalised negotiations on a digital trade agreement that will enable smoother cross-border data exchanges and create a “trusted and secure” digital environment for businesses and consumers, officials said.
Such a signature was announced on Wednesday (15.12.2021) during the meeting between the South Korean Minister of Trade and Industry Yeo Han-koo and Singapore's Second Minister of Trade and Industry Tan See Leng, in Singapore.
The parties thus concluded negotiations on the Digital Partnership Agreement (DPA), talks on which began in June 2020, the statement said.
He also mentioned that the agreement will be Singapore's fourth digital economy deal and its first with an Asian country.
The legal instrument has as its purpose The aim is to establish rules for digital transactions, facilitate trade in this area and better protect consumers in e-commerce activities., as reported.
The new agreement will thus prohibit data localization except for specific purposes, such as regulatory access. “This allows companies to securely transfer data as part of their daily operations and to decide where to store and process their data,” the statement said.
It will also deepen bilateral cooperation in emerging areas such as personal information protection, electronic payments and source code protection.
To support the development of secure cross-border electronic payments between the two countries, South Korea and Singapore will promote “transparent and facilitative rules,” adopt internationally accepted standards, and boost interoperability between electronic payment systems.
Both countries will also adopt or maintain laws and regulations that protect against fraud, “deceptive or misleading conduct that causes harm to consumers” online.
The agreement will also help foster jobs and growth for small and medium-sized enterprises (SMEs) by encouraging them to participate in platforms that help link them with international suppliers, buyers and other potential business partners.Press release from the Ministry of Trade, Industry and Energy of South Korea)
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