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Korea-Singapore Digital Partnership Agreement enters into force 2023-01-16

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 14 that the Korea-Singapore Digital Partnership Agreement (hereinafter “KSDPA”) comes into effect starting January 14 as both countries’ domestic procedures are completed.

The two sides, following their KSDPA signing ceremony held in November 2022, have exchanged on paper notifying the respective fulfillment of their internal legal and procedural requirements, and therefore the KSDPA enters into force beginning January 14, which is 30 days after the above document exchange in accordance with pertaining regulations of the agreement.

The effectuation has expanded the number of Korea-Singapore trade rules from the initial four to 34, providing grounds for collaboration in new digital technologies as well as improvement in e-commerce and digital business environment conditions.

The Korean and English versions of the KSDPA document are available on MOTIE’s FTA website (www.fta.go.kr).

MOTIE and relevant associations will hold a briefing session to explain the details of KSDPA and its anticipated effect for interested companies.

For the implementation of the Korea-Singapore Digital Economy Dialogue MOU signed in 2022, MOTIE aims to also hold the first bilateral digital economy dialogue as early as during the first quarter of 2023 in order to seek joint business projects that can mutually benefit both countries.