MOSCOW (Pakistan Point News / Sputnik - 21st November, 2022) South Korea and Singapore on Monday officially signed a Digital Partnership Agreement to develop e-commerce and boost industry-related cooperation activities, media reported.
The signing ceremony was held in Singapore earlier in the day, the South Korean Ministry of Trade, Industry and Energy was cited as saying by the Yonhap news agency. The event was attended by Tan See Leng, the Singaporean second minister for trade and industry, and South Korean Trade Minister Ahn Duk-geun.
This is the first digital trade agreement for Seoul and the fourth for Singapore, which has already concluded similar pacts with Australia, Chile, New Zealand, and the United Kingdom.
The deal reportedly defines rules and standards for more effective digital transactions, provides for uninterrupted cross-border data flow, facilitates online trade and improves the protection of consumers.
The new pact is also expected to bring bilateral cooperation between the two countries to a new level and increase Seoul's supplies to the Association of Southeast Asian Nations through online platforms, as Singapore possesses such key e-commerce companies as Lazada and Shopee.
The two countries started negotiations on the Digital Partnership Agreement in June 2020 and concluded the pact in December 2021.
