Korea joins digital economy agreement founded by S'pore, Chile, and New Zealand

Korea was the first member to join through accession.

The founding members of the Digital Economy Partnership Agreement (DEPA) have announced the addition of Korea as the first new member. 

DEPA was founded by Chile, New Zealand, and Singapore in June 2020. It aims to provide its members with disciplines on digital trade to boost the growth of the digital economy. It also offers a platform for collaboration on projects of mutual interest.

Korea formally applied in September 2021, while discussions on its accession led by Singapore were completed in June 2023.

Chile Undersecretary for International Economic Relations Claudia Sanhueza noted that Korea is the first member to join through an accession process. 

In a joint statement, the founding members said DEPA’s expansion “will add to the heft of the agreement and provide greater opportunities for collaboration amongst parties.”

Trade Minister Cheong Inkyo assured that Korea “will make efforts for the expansion of DEPA while acting as a bridge between founding and new members as the first non-founding member country.”

He also said his country “will lay the foundation for cooperation on the digital economy between members to ensure DEPA will serve as a platform to enhance economic partnership.” 

New Zealand Minister for Trade Todd McClay acknowledged Korea’s experience in the digital economy, adding that its accession demonstrates DEPA’s value as a pathfinder agreement for economies with high ambition for digital trade.

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Meanwhile, Singapore’s Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations Grace Fu said she looks forward to deepening collaborations on the digital economy with Korea.