South Korea signs first digital partnership agreement with Singapore and other news

SEOUL, November 21st (Yonhap) On Monday, South Korea and Singapore officially signed a bilateral digital partnership agreement aimed at promoting digital trade and industry cooperation, the Seoul Ministry of Commerce announced.

The Digital Partnership Agreement (DPA) signing ceremony was held in Singapore earlier on the same day as Seoul’s Commerce Minister Ahn Duk Geun is visiting the country, according to the Ministry of Commerce, Industry and Energy.

The ministry added that this is the first digital trade agreement in South Korea.

The two countries began negotiating the pact in June 2020 and concluded it late last year.

According to the ministry, the DPA is designed to set rules for faster and more secure digital transactions, facilitate digital commerce, including digital content and various online services, and better protect consumers in online commerce.

The pact is also expected to promote South Korea’s exports to the wider Association of Southeast Asian Nations through online platforms, as Singapore hosts leading e-commerce platforms such as Lazada and Shopee.

He added that Singapore is South Korea’s 11th largest trading partner and has a similar level of digitization.

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