Korea and EU to pursue digital trade agreement for expanded partnerships

[YONHAP]

Korea's trade ministry said Tuesday it has agreed with the European Union to launch negotiations for a digital trade agreement in line with efforts to seek broader partnerships in online commerce and data industries.

Trade Minister Ahn Duk-geun and Executive Vice President Valdis Dombrovskis of the European Commission made the announcement in Seoul on the margins of a bilateral trade meeting, according to the Ministry of Trade, Industry and Energy.

In a statement, the two parties said the agreement will “provide legal certainty for businesses and consumers engaged in digital trade, enhance their protection in digital transactions, and foster an open, free and fair online environment.”

“Korea and the EU share long-standing and robust economic relations underpinned since 2011 by the Korea-EU Free Trade Agreement,” the statement said. “With these negotiations, we aim to bring this partnership into the digital domain.”

Korea has been trying to expand its digital trade agreements around the globe. So far, it has clinched such agreements with Singapore, Chile and New Zealand.

Yonhap