EU and South Korea Conclude Digital Trade Agreement Negotiations
The European Union (EU) and South Korea have successfully concluded negotiations on a Digital Trade Agreement (DTA), focusing on establishing fair and mutually beneficial regulations for data and digital technologies.
The agreement sets digital trade standards between the EU and the Indo-Pacific region, covering areas such as cloud computing, financial services, and digitally ordered products. It also impacts daily digital activities like app downloads, online purchases, and ticket bookings.
To reinforce economic ties, an annual specialized committee discusses emerging trade and economic issues. During the 12th Trade Committee meeting, EU Commissioner for Trade and Economic Security Maroš Šefčovič and Korean Trade Minister Cheong In-kyo explored ways to further integrate their digital economies.
The DTA prioritizes digital policies that protect individuals and their rights while enabling both regions to address evolving challenges in the digital economy. Its provisions cover cross-border data flows, personal data protection, electronic transactions, source code security, online consumer trust, open government data, and regulatory cooperation on digital trade. It also enhances legal certainty for European businesses operating in South Korea and vice versa, facilitating smoother digital trade between the two economies.
Henna Virkkunen, Executive Vice-President for Tech Sovereignty, Security, and Democracy, emphasized that the agreement highlights the EU’s commitment to digital innovation while keeping consumer interests at the forefront. Šefčovič added that strengthening ties with like-minded partners like South Korea is vital, particularly in times of geopolitical uncertainty.
The DTA still requires formal approval from the European Council and European Parliament, as well as legal ratification in both the EU and South Korea.
