Joint Press Release by Ministry of Trade and Industry, Ministry of Communications and Information and Infocomm Media Development Authority
1. Second Minister for Trade and Industry Dr Tan See Leng and the Republic of Korea (ROK) Minister for Trade Dukgeun Ahn signed the Korea-Singapore Digital Partnership Agreement (KSDPA) in Singapore today.
2. With the KSDPA, both countries will work together to establish forward looking digital trade rules and norms to promote interoperability between digital systems. This will enable more seamless cross-border data flows and build a trusted and secure digital environment for our businesses and consumers. The KSDPA will also deepen bilateral cooperation in new emerging areas such as Personal Data Protection, E-payments, Artificial Intelligence and Source Code protection.
3. Dr Tan See Leng said, “Singapore and the Republic of Korea share a deep and wide-ranging partnership, and the signing of the KSDPA marks the beginning of a stronger digital partnership between our countries, and new opportunities for our businesses and communities.”
4. Both Ministers also signed a Memorandum of Understanding (MOU) on Implementing the Korea-Singapore Digital Economy Dialogue. The Dialogue is intended to be a platform to promote digital economy collaboration between industry players and academic experts in Singapore and ROK. The MOU is part of bilateral efforts to develop cooperative projects to implement the KSDPA.
5. Singapore and ROK enjoy strong economic ties. Singapore was ROK’s 7th largest trade partner in 2021, with merchandise trade amounting to S$56.2 billion, 26% year on year increase. As of end-2020, the ROK was Singapore’s 8th largest investment destination in Asia, with about S$9.95 billion worth of investments recorded in ROK. ROK was Singapore’s 5th largest source of investments in Asia, with a cumulative direct investment of S$28.5 billion.
6. The KSDPA is Singapore’s fourth Digital Economy Agreement (DEA), following the Digital Economy Partnership Agreement with Chile and New Zealand, the Singapore-Australia DEA, and UK-Singapore DEA. These agreements are an inter-agency effort led by the Ministry of Trade and Industry, Ministry of Communications and Information, and the Infocomm Media Development Authority, to advance collaboration in the digital economy and enhance digital connectivity.
Annex A: Photo of Korea-Singapore Digital Partnership Agreement Signing Ceremony
Annex B: Key Features of the Korea-Singapore Digital Partnership Agreement
Annex C: Korea-Singapore Digital Partnership Agreement Infographic
Annex D: Quotes from companies on the Korea-Singapore Digital Partnership Agreement
Annex E: Factsheet on the Memorandum of Understanding on Implementing the Korea-Singapore Digital Economy Dialogue