go to the original language article
Brussels/Bratislava – The EU and the Republic of Korea concluded negotiations on a groundbreaking digital trade agreement (DTA) on Monday, emphasizing their commitment to a strong and reliable partnership capable of facing today’s rapidly evolving digital landscape. EU Trade and Economic Security Commissioner Maroš Šefčovič stressed that the agreement with Seoul will have a positive impact on the daily lives of Europeans, reports TASR’s correspondent.
Šefčovič specified in a message to the media that he signed the agreement with Korean Trade Minister Jeong In-kyom at the 12th Trade Committee meeting within the Free Trade Agreement between the EU and South Korea. He added that both parties highlighted the importance of mutually beneficial rules related to data and digital technologies, which are increasingly permeating every sphere of life.
The Slovak Commissioner reminded that digital trade represents approximately 25% of all international trade and is actually growing faster than traditional trade.
“The EU is a global leader in the export and import of digitally delivered services, which had a total value of 1.3 trillion euros in 2022, representing 54 percent of the EU’s total trade in services. The agreement with the Republic of Korea is a significant milestone, following a similar groundbreaking agreement with Singapore, which we plan to sign in the coming months,” stated Šefčovič, emphasizing that the agreement with Seoul will have a positive impact on the daily lives of Europeans. He also added that he is continuing trade discussions with partners from Thailand these days.
According to him, the ambitious agreement reflects the EU’s commitment to setting high-standard rules for digital trade and further connecting the digital economies of the EU and Korea. The agreement provides binding rules that build consumer trust, ensure predictability and legal certainty for businesses, and trustworthy data flows, while eliminating and preventing unjustified obstacles to digital trade.
The DTA provisions cover cross-border data flows, privacy and personal data protection, tariffs on electronic transmissions, electronic contracts, authentication and trust services, source code protection, consumer confidence in the online space, unsolicited direct marketing communications, open government data, and regulatory cooperation in digital trade.
The agreement will allow European companies to serve their South Korean customers more efficiently directly from Europe. European consumers will benefit from improved consumer protection regulations and measures to address unsolicited communications.
The EU and the Republic of Korea also agreed to deepen their 2010 free trade agreement by establishing a new specialized committee for emerging trade and economic issues.
The Commission and Korea will now proceed to reach a formal signing and conclusion of the DTA. On the Brussels side, this involves legal arrangements and translations into all EU languages before the proposal can be sent to the EU Council and the European Parliament. (10 March)