What are the key features in SG, Korea digital partnership deal?
The agreement was signed on 21 November 2022.
Singapore and Republic of Korea’s digital partnership agreement came into effect on 14 January 2023 to provide an improved digital trading environment and digital economy to businesses in both countries.
The Ministry of Trade and Industry said the Korea-Singapore Digital Partnership Agreement (KSDPA) will include electronic payments, paperless trading, cross-border Data Flows (including for Financial Services), prohibiting data localisation, open government data, and AI, amongst others.
“Singapore and the ROK have since completed all necessary legal procedures for the agreement’s entry into force,” read the statement.