Digital Economy Agreements (DEAs)
Korea-Singapore Digital Partnership Agreement (KSDPA)
The Korea-Singapore Digital Partnership Agreement (KSDPA) is a forward-looking commitment to align Singapore and the Republic of Korea (ROK)'s digital economies to unlock new growth opportunities for businesses.
About the Korea-Singapore Digital Partnership Agreement (KSDPA)
The KSDPA which entered into force in 2023, enhances digital trade and cooperation between Singapore and the Republic of Korea (ROK) through trusted data flows and emerging tech collaborations.
Key Features of the KSDPA
Prohibiting Data Localisation
Establishes rules against data localisation requirements. This allows businesses to choose where to store and process their data, and their preferred cloud technology.
Facilitating E-payments
Adoption of transparent and facilitative rules to promote secure cross-border payments.
Paperless Trading
Mandatory acceptance of electronic versions of trade administration documents for efficient cargo clearance and facilitate cross-border supply chain digitalisation.
Protection of Proprietary technology
Removing access and transfer of (i) sources codes and the algorithms expressed within and (ii) private keys and related technologies as conditions for market access.