RoK, Singapore aim to strike digital trade deal this year

At the event. (Photo: YONHAP/VNA)

Hanoi (VNA) – The Republic of Korea (RoK) and Singapore agreed on November 8 to conclude their digital trade pact this year in a move to deepen broader trade and economic ties, according to the RoK's trade ministry.

The agreement was made during the meeting between the RoK's Trade Minister Yeo Han-koo and Singaporean Second Minister for Trade and Industry Tan See Leng held in Seoul. 

The two sides agreed to speed up working-level negotiations to conclude the Digital Partnership Agreement (DPA) within this year, as their talks, which began in July last year, are in the final stage, the ministry said in a release

Singapore is the RoK's 12th-largest trading partner and has a similar digitisation level, according to the ministry. The digital pact is to set up rules for digital transactions, facilitate trade in the digital realm, and to better protect consumers throughout online trade. If concluded, it will be the first trade agreement of its kind for the RoK, it said.

During the talks, the two ministers also discussed ways to strengthen cooperation in hydrogen and new renewable energy sectors to better respond to climate change and achieve a zero-emission economy, it added./.