The Korea-Singapore Digital Partnership Agreement (KSDPA) Entered Into Force
On 15 December 2021, Korea and Singapore substantially concluded the KSDPA. Singapore Second Minister for Trade and Industry Dr. Tan See Leng and the Republic of Korea (ROK) Minister for Trade Dukgeun Ahn signed the digital partnership agreement on November 21, 2022, in Singapore. The agreement entered into force on January 14, 2023.
The key articles in the KSDPA agreement include e-payments, paperless trading, cross-border data flows, prohibiting data localization, artificial intelligence, digital identities, open government information, cryptography, source code protection, online consumer protection, and SME cooperation. More information on key features of KSDPA are available here.
This agreement marked Singapore and ROK’s commitment to integrate both countries’ digital ecosystems to foster new growth opportunities for businesses. A seamless digital trading environment and a greater collaborative effort between businesses from the two countries in the digital economy will be the expected outcomes. The three Memoranda of Understanding (MOUs) have been signed by the two countries to help implement the KSDPA. These MOUs will drive the Korea-Singapore Digital Economy Dialogue, facilitate the electronic exchange of data, and enhance cooperation in artificial intelligence.