The Republic of Korea successfully joins the Digital Economy Partnership Agreement, reinforcing the agreement’s growth and global digital trade.
In a collaborative effort, Chile, New Zealand, and Singapore, the founding members of the Digital Economy Partnership Agreement (DEPA), have officially welcomed the Republic of Korea (ROK) as the first new member to join their ranks. This historic accession marks a significant achievement following the ROK’s application in 2021 and underscores the DEPA’s open and inclusive approach to advancing digital trade.
The ROK’s accession follows the substantial conclusion of discussions in June 2023 and the completion of legal procedures aligned with the DEPA accession process. The agreement aims to enhance digital trade by committing member nations to ambitious standards while providing a platform for collaborative projects of mutual interest.
Chilean Undersecretary for International Economic Relations, Ms. Claudia Sanhueza, emphasized the importance of this milestone, stating, “We look forward to working with the ROK to enhance the potential of DEPA and to collaborate on projects of mutual interest in emerging areas that could impact digital trade.”
New Zealand Trade Minister Todd McClay highlighted the ROK’s digital economy experience and expressed confidence that this accession will demonstrate the DEPA’s value as a leading trade agreement for economies with high digital trade ambitions.
Singapore’s Minister for Sustainability and the Environment, Ms. Grace Fu, affirmed Singapore’s eagerness to deepen collaborations with the ROK in the digital economy. As Chair of the ROK’s Accession Working Group, Singapore played a vital role in guiding the accession process.
Trade Minister Inkyo-Cheong of the ROK expressed the nation’s commitment to act as a bridge between founding and new members and pledged to reinforce cooperation, ensuring that DEPA becomes a platform for enhancing economic partnerships.
Initially signed in June 2020, the DEPA was formed by Chile, New Zealand, and Singapore to foster comprehensive digital trade cooperation. The ROK’s formal application to join in September 2021 led to the creation of an Accession Working Group, with Singapore overseeing the process as Chair.
Source – MTI
