SingCham Korea News

South Korea signs 1st digital partnership pact with Singapore

Second Minister for Trade and Industry Tan See Leng (right) and South Korea’s Minister for Trade Ahn Dukgeun. Photo from The Straits Times.

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”.

Stay connected with us

Share our news

Related News

2024 January 2

Korea welcomes 'digital nomads' with new visa

2023 October 1

Seoul City to Launch All-Inclusive Monthly Transit Pass

2023 September 27

Seoul Fintech Week to Bring Global Fintech Experts Together in October

Looking to be a sponsor?

From breakfast meetings to gala dinners, reach out to a wider network by sponsoring one of our events. Find out how you can be a sponsor!

If you are not our member yet, please register here.

Sponsor With Us

SingCham Korea will work with you from the planning stage of the event to maximise the impact of your sponsorship. Please contact the chamber if you are interested in sponsoring any chamber events by using the contact information.

We use cookies to enhance your browsing experience and analyze site traffic. By continuing to use our website, you consent to the use of cookies.