Korea has become the inaugural addition to the Digital Economy Partnership Agreement (DEPA), joining founding members Chile, New Zealand, and Singapore. Established in June 2020, DEPA is dedicated to fostering digital trade and advancing the growth of the digital economy through shared disciplines. It serves as a collaborative platform for members to engage in mutually beneficial projects and initiatives.
Korea officially submitted its application for membership in September 2021. Following extensive discussions spearheaded by Singapore, the accession process was successfully concluded by June 2023. Claudia Sanhueza, Chile's Undersecretary for International Economic Relations, highlighted Korea's historic significance as the inaugural member to join through this accession route. In a joint statement, the founding members said DEPA’s expansion “will add to the heft of the agreement and provide greater opportunities for collaboration amongst parties”.
Trade Minister Cheong Inkyo assured that Korea “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”. He also said his country “will lay the foundation for cooperation on the digital economy between members to ensure DEPA will serve as a platform to enhance economic partnership”.
New Zealand's Minister for Trade, Todd McClay, lauded Korea's expertise in the digital economy, emphasizing the significance of its accession as a testament to the value of the Digital Economy Partnership Agreement (DEPA) for nations aspiring to excel in digital trade. Echoing this sentiment, Grace Fu, Singapore's Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations, expressed anticipation for strengthened partnerships with Korea in advancing initiatives within the digital economy realm.