EU and Korea sign landmark digital trade agreement at Summit

EU and the Republic of Korea have signed a landmark Digital Trade Agreement (DTA) during the EU-Republic of Korea Summit held in Brussels.

This DTA demonstrates the shared commitment to promote open, transparent, and rules-based trade. It is also in line with the EU’s broader commitment to establishing future-oriented digital trade rules with trusted, like-minded partners in a time of increasing global tensions and economic fragmentation.

The DTA complements the EU-Republic of Korea Free Trade Agreement – in place since 2011 – with binding high-standard digital trade rules. These include, for instance, recognising the legal validity and enforceability of electronic contracts and enabling the use of electronic signature. The Agreement will bring new opportunities for consumers and businesses, notably for micro, small and medium enterprises.

The Agreement will also enhance consumer safety and confidence in the digital economy, through robust online consumer protection rules. A trusted digital environment is essential for digital trade to function and, importantly, prosper.

In addition, the agreement facilitates cross-border data flows and prohibits the mandatory transfer of source code. At the same time, both the EU and Republic of Korea will maintain their respective high levels of protection for personal data and privacy, as well as the regulatory space for pursuing legitimate policy objectives.

Following signature of the DTA by EU Commissioner for Trade and Economic Security Maros Šefčovič and Korean Trade Minister Yeo Han-koo, the EU and Republic of Korea will follow their respective procedures for the ratification of the agreement. On the EU’s side, the ratification will require the consent of the European Parliament. The agreement will subsequently be formally concluded by the Council.

The text of the DTA is publicly available.