Singapore (VNA) – Singapore and the Republic of Korea have launched negotiationson a new Korea-Singapore Digital Partnership Agreement (KSDPA) to boostbilateral cooperation in new emerging digital areas, according to a jointstatement.

This wasannounced on June 22 at a videoconference between Singaporean Minister for Trade and Industry Chan ChunSing and the RoK’s Minister for Trade Yoo Myung Hee.

“As countriesnavigate the challenges posed by COVID-19, the important work of ensuring thatour economies can thrive in the digital age must go on,” said Chan.

He noted thatthe deal will enable greater access, connectivity, and opportunities betweenthe two countries’ people and businesses; further promoting trade and trusteddata flows.

It will also strengthenthe collaboration between the two economies and position them well to move fastand tap on the opportunities offered by the digital economy, he added.

The agreementseeks to deepen bilateral cooperation in new emerging digital areas, such as inpersonal data protection and cross-border data flows, digital identities,fintech, as well as Artificial Intelligence governance frameworks. It also aimsto support and foster greater collaboration between both countries’ SMEcommunities in the digital economy.

The launch ofthe KSDPA is part of a series of digital economy agreements that Singapore hasembarked upon. The DigitalEconomy Partnership Agreements with Chile and New Zealand were signed on 12 June 2020, and negotiations for a similar deal between Singapore and Australia concluded on March 23./.