Singapore, South Korea ink digital partnership deal
It aims to tackle bilateral cooperation in new emerging digital areas.
Singapore and the Republic of Korea have launched negotiations on a new Korea-Singapore Digital Partnership Agreement (KSDPA), according to a joint statement.
This occurred on 22 June at a video conference between Minister for Trade and Industry Chan Chun Sing and the Republic of Korea’s Minister for Trade Yoo Myung Hee.
The agreement seeks to deepen bilateral cooperation in new emerging digital areas, such as personal data protection and cross-border data flows, digital identities, fintech, and artificial intelligence governance frameworks. It also aims to support and foster greater collaboration between both countries’ SME communities in the digital economy.
“Singapore is pleased to enhance our cooperation with the Republic of Korea through a Digital Partnership Agreement which will enable greater access, connectivity, and opportunities between our people and businesses; further promoting trade and trusted data flows,” Chan said.
KSDPA is part of a series of digital economy agreements that Singapore has embarked upon. Recently, it struck a deal with Chile and New Zealand on 12 June, and the conclusion of negotiations for the Singapore-Australia Digital Economy Agreement was announced on 23 March.
These agreements are an inter-agency effort led by the Ministry of Trade and Industry, Ministry of Communications and Information, and the Infocomm Media Development Authority to deepen bilateral collaboration in the digital economy and enhance digital connectivity.