South Korea and Singapore officially signed a bilateral digital partnership pact Monday that aims to boost digital trade and industry cooperation, Seoul’s trade ministry said.
The signing ceremony for the Digital Partnership Agreement (DPA) took place in Singapore earlier in the day, as Seoul’s Trade Minister Ahn Duk-geun is visiting the country, according to the Ministry of Trade, Industry and Energy.
It is South Korea’s first digital trade agreement, the ministry added.
The two countries launched negotiations for the pact in June 2020 and concluded the pact late last year.
The DPA is meant to set up rules for faster and safer digital transactions, facilitate trade in the digital realm, including digital content and various online services, and to better protect consumers over the course of online trade, according to the ministry.
The pact is also expected to promote South Korea’s exports to the broader Association of Southeast Asian Nations via online platforms, as Singapore has such leading e-commerce platforms as Lazada and Shopee.
Singapore is South Korea’s 11th-largest trading partner and has a similar digitization level, it added.
Source: Yonhap News Agency