South Korea’s industry ministry said Friday the country has officially become the fourth member of the Digital Trade Economy Partnership Agreement (DEPA), founded by Singapore, Chile and New Zealand.

The DEPA is an agreement that went into effect in January 2021 by the three countries to establish key rules on digital trade issues, such as digital identities, cross-border data flows and artificial intelligence.

“The ROK’s successful accession is an important milestone,” the members said in a joint statement, using the acronym of South Korea’s official name, the Republic of Korea.

“The DEPA commits parties to ambitious disciplines on digital trade to advance the growth of the digital economy,” the statement said. “Expansion of the DEPA will add to the heft of the agreement and provide greater opportunities for collaboration amongst parties.”

The trade ministry said South Korea is expected to expand online-based businesses with countries in Southeast Asia and Oceania, along with Central and South America t
hrough participation in the DEPA.

Trade Minister Cheong In-kyo said, as the first additional member of the DEPA, South Korea will lend hands in expanding the membership of the initiative.

“We aim to establish a foundation for digital cooperation among the members, ensuring that the DEPA emerges as a platform that strengthens our economic partnership,” Cheong said during a celebration event held in Paris.

Currently, China, Canada, Costa Rica and the United Arab Emirates are negotiating their participation in the agreement.

Source: Yonhap News Agency