Singapore (VNA) – Singapore and the Republic of Korea have launched negotiations on a new Korea-Singapore Digital Partnership Agreement (KSDPA) to boost bilateral cooperation in new emerging digital areas, according to a joint statement.
This was announced on June 22 at a videoconference between Singaporean Minister for Trade and Industry Chan Chun Sing and the RoK’s Minister for Trade Yoo Myung Hee.
“As countries navigate the challenges posed by COVID-19, the important work of ensuring that our economies can thrive in the digital age must go on,” said Chan.
He noted that the deal will enable greater access, connectivity, and opportunities between the two countries’ people and businesses; further promoting trade and trusted data flows.
It will also strengthen the collaboration between the two economies and position them well to move fast and tap on the opportunities offered by the digital economy, he added.
The agreement seeks to deepen bilateral cooperation in new emerging digital areas, such as in personal data protection and cross-border data flows, digital identities, fintech, as well as Artificial Intelligence governance frameworks. It also aims to support and foster greater collaboration between both countries’ SME communities in the digital economy.
The launch of the KSDPA is part of a series of digital economy agreements that Singapore has embarked upon. The Digital Economy Partnership Agreements with Chile and New Zealand were signed on 12 June 2020, and negotiations for a similar deal between Singapore and Australia concluded on March 23./.
This was announced on June 22 at a videoconference between Singaporean Minister for Trade and Industry Chan Chun Sing and the RoK’s Minister for Trade Yoo Myung Hee.
“As countries navigate the challenges posed by COVID-19, the important work of ensuring that our economies can thrive in the digital age must go on,” said Chan.
He noted that the deal will enable greater access, connectivity, and opportunities between the two countries’ people and businesses; further promoting trade and trusted data flows.
It will also strengthen the collaboration between the two economies and position them well to move fast and tap on the opportunities offered by the digital economy, he added.
The agreement seeks to deepen bilateral cooperation in new emerging digital areas, such as in personal data protection and cross-border data flows, digital identities, fintech, as well as Artificial Intelligence governance frameworks. It also aims to support and foster greater collaboration between both countries’ SME communities in the digital economy.
The launch of the KSDPA is part of a series of digital economy agreements that Singapore has embarked upon. The Digital Economy Partnership Agreements with Chile and New Zealand were signed on 12 June 2020, and negotiations for a similar deal between Singapore and Australia concluded on March 23./.
VNA
