Opening Remarks by Minister S Iswaran at meeting to announce substantial conclusion of discussions for Republic of Korea's accession to the Digital Economy Partnership Agreement (DEPA)

Your Excellencies

Ladies and Gentlemen

1. Good afternoon. It is my pleasure to be here with you today to celebrate a significant milestone in our Digital Economy Partnership Agreement (DEPA) journey.  Being in France on this occasion, I am reminded of the French word “retrouvailles”, or “reunion” in English. 

2. You may recall that our Ministers last met in October 2021 on the sidelines of the OECD meetings to launch Korea’s Accession Working Group discussions. There is thus a a sense of déjà vu and poetic nature that DEPA Parties and Korea are once again meeting in Paris today to announce the substantial conclusion of Korea’s accession negotiations to DEPA.

3. This is a landmark achievement for both DEPA and Korea. As the first aspirant economy to apply to join the DEPA, Korea’s accession is an important one as it sets the precedent for future accessions. Korea’s entry will also add to the heft and appeal of DEPA. I would like to convey my gratitude for Korea’s patience and perseverance throughout this pioneering process.

4. The DEPA represents a new form of economic engagement and trade in the digital era.  It establishes novel approaches and collaborations in digital trade issues, promotes interoperability between different regimes, and addresses salient issues brought about by digitalisation.

5. The DEPA also provides an important framework for its Parties to collaborate in emerging areas that might affect digital trade.  I am pleased to note that DEPA Parties and Korea have agreed to collaborate further on projects of mutual interest, in areas such as electronic invoicing, consumer protection, the exchange of electronic trade documents, and cross-border data transfers.

6. I welcome Korea to join the ranks of DEPA as our fourth Party.  I am confident that Korea’s technological expertise and innovative spirit will enrich our collective efforts towards a shared digital future that benefits our economies and peoples.

7. Finally, I would like to thank the negotiating teams from Chile, New Zealand, Korea, and Singapore for their professionalism and hard work in getting us here today.  Let us build on the momentum of today’s substantial conclusion and work towards finalising Korea’s accession process in a timely manner.

8. I would now like to invite Ministers for your remarks, before we adjourn for photo-taking. May I invite Vice-Minister Sanhueza to deliver remarks, followed by Minister O’Connor, and then Minister Ahn.

9. Thank you.