South Korea will push to clinch a bilateral pact on digital trade with the European Union to facilitate trade in the digital realm and to enhance industry cooperation, the industry ministry said Tuesday.

There have been calls for the need to devise broader and specific rules on digital trade between the two sides, as their digital transactions and exchanges via various online platforms have risen and there are only two related clauses under their Free Trade Agreement (FTA).

As a preparatory step of envisioned negotiations for a deal, South Korea will hold a public hearing on the issue in Seoul on Thursday involving experts and relevant business entities, according to the Ministry of Trade, Industry and Energy.

The EU is South Korea’s third-largest trading partner, with bilateral trade reaching an all-time high of $136.3 billion last year. Their FTA took effect in 2011.

Last year, South Korea signed a bilateral digital trade agreement with Singapore, the first of its kind for South Korea.

Earlier this month, it also acceded to the Digital Economy Partnership Agreement (DEPA), becoming the first partner outside of its founding members of Chile, New Zealand and Singapore.

As the world’s first plurilateral digital pact, the DEPA calls for the establishment of key rules on digital trade issues, such as digital identities, cross-border data flows and artificial intelligence.

https://en.yna.co.kr/view/AEN20230613003400320

Category: Korea