Minister for Trade Ahn Dukgeun (second from right) on the afternoon of June 8 attends a ministerial council meeting of the Organisation for Economic Co-operation and Development in Paris with trade ministers and vice ministers from Singapore, Chile and New Zealand. (Ministry of Trade, Industry and Energy) 

By Wu Jinhua

Korea is the first nation to join the Digital Trade Economy Partnership Agreement (DEPA). 

The Ministry of Trade, Industry and Energy on June 12 said Minister for Trade Ahn Dukgeun four days earlier had announced the de facto conclusion of negotiations on entry following a ministerial council meeting of the Organisation for Economic Co-operation and Development in Paris. 

This is Seoul's second conclusion of such a deal since signing a digital partnership agreement on Jan. 14 with Singapore. 

To create a more stable environment in the data sector, DEPA stipulates related standards and cooperation in institutional harmony among member states and the spread of e-trade. Singapore, Chile and New Zealand, all three of which belong to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, also signed DEPA. 

When the agreement took effect in January 2021, Seoul in October that year kicked off the process to earn membership. Throughout six rounds of negotiations, it overhauled the necessary domestic laws and systems. 

By joining DEPA, Korea plans to fully expand its global digital trade network to secure competitiveness in the digital economy. 

China and Canada have also begun the process to sign DEPA, and countries in the Middle East, Latin America and the Caribbean including Costa Rica and Peru have also expressed interest. 

"We preemptively joined DEPA to lead discussions on global digital norms," Minister Ahn said. "With this membership as an opportunity, we expect DEPA to develop into a digital platform for the Asia-Pacific region." 

jane0614@korea.kr