Start of 'Korea-EU Digital Trade Agreement' Negotiations: "Expectations for Building an Electronic Trade Cooperation Framework"

Declaration of the Start of Korea-EU Digital Trade Agreement Negotiations on the 31st

Negotiations for a digital trade agreement with the European Union (EU), South Korea's third-largest trading partner and a major economic bloc (3rd largest GDP in the world), are set to begin in earnest. The government expects that the trade agreement with the EU will contribute to the activation of e-commerce and data business, as well as the establishment of a cooperation foundation for new digital technologies.

The Ministry of Trade, Industry and Energy announced on the 31st that Ahn Deok-geun, Chief Negotiator for Trade, and Valdis Dombrovskis, EU Executive Vice-President for Trade, declared the launch of negotiations for the "Korea-EU Digital Trade Agreement" on the occasion of the Korea-EU Free Trade Agreement (FTA) Trade Committee meeting.

Digital trade refers to cross-border activities involving the trade of goods, services, and data through electronic means such as the internet, as well as related economic actors.

As part of its digital trade policy, the Ministry of Trade, Industry and Energy has been promoting the strategic expansion of its digital trade network. As a result, it has signed digital trade agreements with key countries in various regions, including Singapore, Chile, and New Zealand. Through the Korea-EU Digital Trade Agreement, the digital trade network will be expanded to include the EU, a partner in digital innovation.

The Korea-EU Digital Trade Agreement is expected by the ministry to create a trustworthy, open, and fair digital trade environment for companies and consumers participating in digital trade, expand business opportunities for companies including small and medium-sized enterprises, and enhance competitiveness in the global digital economy, thereby strengthening the digital trade partnership between the two sides.

On the day, Chief Negotiator Ahn welcomed the launch of the Korea-EU digital trade agreement negotiations and urged, "Based on the Korea-EU digital trade principles, please agree on high-level trade norms and lead discussions on global digital trade regulations."