Commitment towards integrating both countries’ digital ecosystems
The Korea-Singapore Digital Partnership Agreement (KSDPA) will enter into force on 14 January 2023.
The KSDPA was signed by Second Minister for Trade and Industry Tan See Leng and the Republic of Korea (ROK) Minister for Trade Dukgeun Ahn in Singapore on 21 November 2022. Singapore and the ROK have since completed all necessary legal procedures for the agreement’s entry into force.
The KSDPA’s expeditious entry into force is reflective of Singapore and ROK’s commitment towards integrating both countries’ digital ecosystems to unlock new growth opportunities for businesses. With the KSDPA, both countries will work together to establish a seamless digital trading environment and facilitate greater collaboration in the digital economy between businesses from both sides.
Singapore and the ROK have also signed three Memoranda of Understanding (MOUs) to implement the Korea-Singapore Digital Economy Dialogue, facilitate the electronic exchange of data, and enhance cooperation in artificial intelligence. These MOUs are part of ongoing bilateral efforts to develop cooperative projects to implement the KSDPA.
