Singapore and South Korea have officially signed a bilateral digital partnership pact to boost digital trade and industry cooperation. The pact is a first-of-a-kind agreement for South Korea. The first negotiations for the pact occurred in June 2020 and concluded in late 2021.
The Digital Partnership Agreement (DPA) is meant to set guidelines for faster and safer digital transactions, facilitate digital trade, and better protect consumers. Additionally, it is anticipated that the DPA will promote South Korea's exports to the broader ASEAN community via Singapore's online platforms.
Consumers and producers should expect smoother interactions within the digital space, especially in the form of digital transactions. Under the pact, Singapore and Korea will work together to align their rules and standards to promote interoperability between their systems.
Both nations have agreed to accept electronic versions of trade administration documents as part of the agreement. Additionally, both sides will work together on projects that make it easier to use data interchange technologies for such paperwork.
Increased cooperation between the countries for small and medium-sized enterprises is also expected, encouraging firms’ participation in platforms that connect them with overseas suppliers, buyers, and potential business partners.
The pact also included a Memorandum of Understanding (MOU) on implementing the Korea-Singapore Digital Economy Dialogue, which “is intended to be a platform to promote digital economy collaboration between industry players and academic experts in Singapore and ROK”.
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