Peru will soon become the latest member of the Digital Economy Partnership Agreement (DEPA), potentially creating new opportunities for South Korea and other member nations. Seoul's industry ministry announced Tuesday that the sides have successfully reached an agreement on Peru's participation. Signed in 2020 by Chile, New Zealand, and Singapore, DEPA is the world's first stand-alone digital trade agreement.
The Digital Economy Partnership Agreement (DEPA) aims to promote digital trade by reinforcing commercially meaningful digital trade rules and promoting interoperability across different regulatory frameworks, among others.
South Korea joined the agreement in 2024 and chairs DEPA's accession working group that assessed Peru's inclusion request. The Ministry of Trade, Industry and Resources said Peru's inclusion is expected to provide new export opportunities for South Korea in various areas, such as e-commerce, data business, and digital content, and foster a stable and predictable digital trade environment between the two countries.
Currently, China and the United Arab Emirates are undergoing separate negotiations for their own participation in DEPA. The agreement focuses on supporting digital economic growth and enhancing cooperation among member nations.
