Singapore and Republic of Korea to finalize digital economy agreement
The agreement will be Singapore’s fourth DEA and the first with an Asia country.
A joint statement by the Ministry of Trade and Industry, Ministry of Communications and Information, and the Infocomm Media Development Authority, revealed that Singapore and the Republic of Korea (ROK) have concluded negotiations on the Korea-Singapore Digital Partnership Agreement (KSDPA).
This agreement will be the fourth of Singapore’s, and the first with an Asia country. Areas highlighted by the deal include bilateral cooperation in the digital economy between both countries, as well as the enabling of seamless cross-border data flows and a more secure digital environment for both businesses and consumers.
Also covered by the settlement is the prohibition of data localisation, aside for specific purposes, as well as the secure transfer of data as part of daily business operations. Areas such as Personal Information Protection, E-payments, and Source Code protection will also be improved as a result. Both Singapore and ROK will also take the initiative to identity cross-border opportunities to deepen artificial intelligence innovation and collabortions.
“I welcome the conclusion of the KoreaSingapore Digital Partnership Agreement. It will strengthen the digital connectivity between Singapore and the Republic of Korea, and add to our already robust economic ties. By aligning standards, enabling trusted data flows and allowing cross border digital transactions to take place more seamlessly, the KSDPA will open up opportunities for our businesses and people in the rapidly growing digital economy,” said Dr. Tan See Leng, Second Minister for Trade and Industry.
Also joining him in his statement was ROK’s Minister for Trade, Yeo Han-Koo.
Workplace 3.0: Transforming work environments to support innovation and meaningful work
The race to gender equity for Asia’s startups
How Many Apps Does It Take to Change a Workplace?
In an era of zero-sum thinking, business leaders must unlock a mutually beneficial future
Diversifying your portfolio: Alternative investments in Singapore to consider in a low-interest rate environment
Navigating the digital future: A closer look at Singapore Budget 2023 measures in view of the rapidly changing workplace