Singapore and the Republic of Korea have launched negotiations on a new Korea-Singapore Digital Partnership Agreement. This was announced Monday 22 June 2020 during a video conference between Minister for Trade and Industry Chan Chun Sing and the Republic of Korea’s Minister for Trade Yoo Myung Hee.
Mr Chan said, “As countries navigate the challenges posed by COVID-19, the important work of ensuring that our economies can thrive in the digital age must go on. Singapore is pleased to enhance our cooperation with the Republic of Korea through a Digital Partnership Agreement which will enable greater access, connectivity, and opportunities between our people and businesses; further promoting trade and trusted data flows.”
“This will strengthen the collaboration between our economies and position us well to move fast and tap on the opportunities offered by the digital economy.”
Bilateral cooperation in new emerging digital areas
The agreement aims to strengthen bilateral cooperation in new emerging digital areas, such as in personal data protection and cross-border data flows, digital identities, fintech, as well as Artificial Intelligence governance frameworks.
It also aims to support and foster greater collaboration between both countries’ SME communities in the digital economy.
Agreement – latest in series of digital economy agreements
The launch of the Korea-Singapore Digital Partnership Agreement is part of a series of digital economy agreements that Singapore has embarked upon.
A Digital Economy Partnership Agreement with Chile and New Zealand was signed on 12 June 2020, and the conclusion of negotiations for the Singapore-Australia Digital Economy Agreement was announced on 23 March 2020.
These agreements are an inter-agency effort led by the Ministry of Trade and Industry, Ministry of Communications and Information, and the Infocomm Media Development Authority to deepen bilateral collaboration in the digital economy and enhance digital connectivity.
