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FTA/Economic Cooperation
Joint press release on the successful accession of the Republic of Korea to the Digital Economy Partnership Agreement
3 May 2024 JOINT PRESS RELEASE ON THE SUCCESSFUL ACCESSION OF THE REPUBLIC OF KOREA TO THE DIGITAL ECONOMY PARTNERSHIP AGREEMENT 1. Chile, New Zealand and Singapore, the founders of the Digital Economy Partnership Agreement (DEPA) are delighted to welcome the Republic of Korea (ROK) as DEPA’s first new member. Finalisation of the ROK’s Accession Process 2. The ROK’s successful accession is an important milestone. It follows the announcement of the substantial conclusion of discussions on the ROK’s accession in June 2023 and the subsequent completion of the legal procedures in line with the DEPA accession process. 3. The DEPA commits Parties to ambitious disciplines on digital trade to advance the growth of the digital economy. It also provides a platform for collaboration on projects of mutual interest. The accession of the ROK is testament to the Agreement’s open and inclusive nature. Expansion of the DEPA will add to the heft of the Agreement and provide greater opportunities for collaboration amongst Parties. Comments from DEPA Parties 4. Chile´s Undersecretary for International Economic Relations, Ms. Claudia Sanhueza said, “Chile welcomes today's announcement of the entry into force of the Digital Economy Partnership Agreement (DEPA) by the ROK. This is an important milestone for this agreement, as it is the first DEPA member to join through an accession process. We look forward to working with the ROK to enhance the potential of DEPA and to collaborate on projects of mutual interest in emerging areas that could impact digital trade". 5. New Zealand Minister for Trade Mr. Todd McClay said, “New Zealand welcomes the ROK’s formal accession to the DEPA. The ROK has impressive experience in the digital economy and its accession demonstrates the DEPA’s value as a pathfinder agreement for economies with high ambition for digital trade. New Zealand looks forward to working more closely with the ROK on these issues.” 6. Singapore’s Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations Grace Fu said, “Singapore warmly welcomes the ROK as the fourth Party to the DEPA. This is a key milestone for the DEPA. Through the DEPA, I look forward to deepening Singapore’s collaborations on the digital economy with the ROK. As Chair of the ROK’s Accession Working Group (AWG), Singapore would like to express our appreciation to the ROK for the close cooperation with DEPA Parties throughout its accession process. I hope we can build on this momentum to ensure that DEPA remains an open and inclusive Agreement to all economies that are able to meet its high standards.” 7. The ROK’s Trade Minister Inkyo-Cheong said, “The ROK 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.” Trade Minister Cheong also added, “The ROK will lay the foundation for cooperation on the digital economy between members to ensure DEPA will serve as a platform to enhance economic partnership.” Background 8. Chile, New Zealand and Singapore signed the DEPA in June 2020. The ROK formally applied to join the DEPA in September 2021. The AWG to oversee its accession process was formed in October 2021, with Singapore as Chair. Jointly issued by the Undersecretariat of International Ec date2024-05-03
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FTA/Economic Cooperation
Korea and Angola hold Business Forum
Minister for Trade Inkyo Cheong attended the Korea-Angola Business Forum, co-hosted by Korea’s Ministry of Trade, Industry and Energy (MOTIE) and the Angolan government, on April 29 in Seoul on the occasion of Angola’s President João Lourenço’s state visit, and held extensive bilateral discussions on cooperation in trade, investment, renewable energy, shipbuilding, and offshore plant projects. The forum was attended by approximately 180 representatives of both countries’ governments, institutions, and companies, including the Sonangol Group and HD Hyundai Heavy Industries. In his opening address, Trade Minister Cheong extended gratitude towards President Lourenço’s interest in pursuing economic cooperation with Korea and stated that the Korean government will likewise provide full support to expand bilateral cooperation in manufacturing, renewable energy, and other areas, based on the initial collaboration centering on energy, shipbuilding, and offshore plant. Moreover, the trade promotion institutions of both countries, namely Korea Trade-Investment Promotion Agency (KOTRA) and Agency for Private Investment and Promotion of Exports of Angola (AIPEX), entered a memorandum of understanding (MOU) on establishing the basis for supporting the two countries’ business exchanges, including partner matchings and exchange of trade and investment information. Accordingly, KOTRA plans to set up a Korea promotion exhibition booth in the international symposium to be held in Luanda, Angola, in July as part of pushing forward projects for promoting bilateral trade. date2024-04-30
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FTA/Economic Cooperation
Korea and Oman to resume bilateral Economic Cooperation Committee after 8-year hiatus
Minister for Trade Inkyo Cheong met Chairman of the Oman Public Authority for Special Economic Zones and Free Zones (OPAZ) Ali Masoud Al Sunaidy on April 29 in Seoul to discuss the resumption of the two countries’ bilateral Economic Cooperation Committee. The sixth Korea-Oman Economic Cooperation Committee meeting had originally been slated for 2019 in Muscat, Oman, but was put on pause by the pandemic outbreak. The resumption discussion was proposed by Chairman Al Sunaidy, noting Oman’s push for industrial diversification and focused investment on new renewable energy areas. Trade Minister Cheong replied that he looks forward to discussing measures for deepening the two countries’ investment, joint project discovery, and other economic collaborations through the Economic Cooperation Committee in the near future. date2024-04-30
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FTA/Economic Cooperation
Trade Minister meets OPAZ Chairman
Minister for Trade Inkyo Cheong met Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ) Ali Masoud Al Sunaidy on April 29 in Seoul to discuss key agenda items including the resumption of the two countries’ bilateral Economic Cooperation Committee. date2024-04-30
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FTA/Economic Cooperation
Trade Promotion Committee discusses IPEF and Korea-EU Digital Trade Agreement
Minister for Trade Inkyo Cheong chaired the 38th Trade Promotion Committee meeting on April 23 and led discussions on the progress of Indo-Pacific Economic Framework for Prosperity (IPEF) Supply Chain and Clean Economy Agreements and forward-looking measures for their utilization. With the IPEF Supply Chain Agreement having entered into force on April 17 in Korea, the ministry plans to selectively sort critical items and push joint projects, diversify import channels, and improve logistics through coordination with IPEF partner countries, all of which are anticipated to substantially contribute to Korea’s industrial supply chain stabilization. Moreover, the Government intends to actively engage in the IPEF Clean Economy Investor Forum and IPEF Catalytic Capital Fund to widen Korean companies’ doors of opportunity in entering the KRW 200 trillion Indo-Pacific clean economy cooperation market. Next, attendees discussed the progress on Korea-EU Digital Trade Agreement negotiations. As the existing Korea-EU Free Trade Agreement (FTA) does not reflect the recent changes in digital trade, the need for digital trade rules improvement between the two sides is rising. Accordingly, the Korean government declared the commencement of negotiations for the bilateral digital trade agreement in October 2023 and has convened three official negotiating rounds thus far, with plans to swiftly proceed with negotiations in the future for establishing the bilateral digital trade agreement in line with the high standards of the Korea-EU digital trade principles. date2024-04-23
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FTA/Economic Cooperation
Minister Ahn meets Japan's METI Minister
Trade, Industry and Energy Minister Dukgeun Ahn visited Tokyo on April 22 and met with Saitō Ken, Japan’s Economy, Trade and Industry Minister, to discuss follow-up measures to bilateral summit agenda items in industry, trade, and energy, as well as forward-looking cooperation. date2024-04-23
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FTA/Economic Cooperation
Korea and Canada hold 4th FTA Joint Committee meeting
Minister for Trade Inkyo Cheong attended the 4th Korea-Canada Free Trade agreement (FTA) Joint Committee meeting on April 22 with Canada’s Minister of Export Promotion, International Trade and Economic Development Mary Ng to discuss measures for facilitating investment and trade issues. date2024-04-23
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FTA/Economic Cooperation
Trade Minister meets Canada’s Minister of Export Promotion, Int'l Trade & Economic Development
Minister for Trade Inkyo Cheong met with Canada’s Minister of Export Promotion, International Trade and Economic Development Mary Ng on April 22 at the Lotte Hotel Seoul to discuss stronger bilateral trade and economic cooperation. date2024-04-23
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FTA/Economic Cooperation
Korea and Canada discuss measures for stronger trade and economic cooperation
Minister for Trade Inkyo Cheong met with Canada’s Minister of Export Promotion, International Trade and Economic Development Mary Ng, Head of the Canadian business delegation, on April 22 in Seoul and held trade ministerial talks. During the bilateral talks, Trade Minister Cheong suggested that Korea and Canda bolster their cooperation in natural gas, critical minerals, and batteries, while expanding the scope of cooperation to areas like clean energy and small modular reactors (SMRs). He also requested the Canadian government’s interest and cooperation in facilitating Korean firms’ local investment and supply chain endeavors. The trade chief also met with Goldy Hyder, President of the Business Council of Canada, on the margins of the business delegation’s visit to Korea and discussed private sector efforts in translating government efforts into concrete joint projects. Canada’s business delegation visit to Korea is the largest bilateral economic cooperation event following the upgrade of their relations to a Comprehensive Strategic Partnership in 2022, held with participation of more than 170 Canadian firms and institutions for stronger networking and uncovering new joint projects between the two countries’ companies. Moreover, under the shared understanding that trade and investment cooperation is key, the two sides held the fourth Korea-Canada Free Trade agreement (FTA) Joint Committee meeting on a ministerial level, which is a first. date2024-04-23
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FTA/Economic Cooperation
Korea and Georgia hold intersessional negotiations for bilateral EPA
The Ministry of Trade, Industry and Energy (MOTIE) announced on April 15 that the Korean and Georgian delegations are meeting through April 15-17 in Seoul to engage in intersessional negotiations for the two countries’ bilateral Economic Partnership Agreement (EPA). Korea’s Director General for FTA Negotiations Yoo Beob-min and Georgia’s Economy and Sustainable Development Deputy Minister Genadi Arveladze are heading their respective delegations. The intersessional negotiations follow the first official negotiating round convened this February in Georgia, where the two sides held extensive discussions and reached consensus across a number of areas. During this intersessional meeting, the Korean delegation will be concentrating on discussing the details in areas like goods, services, digital, and cooperation. date2024-04-15