Good afternoon. Together with Minister Inyo Cheong, I had the honor to chair the 12th Trade Committee under the EU-Korea Free Trade Agreement, and I am pleased to share some exciting news.
We have successfully concluded negotiations for a Digital Trade Agreement between the EU and the Republic of Korea, bringing our economies closer together.
Digital trade is an integral part of global trade, accounting for about 25% of all international trade and growing faster than traditional trade.
The EU is a global leader in digitally deliverable services, with exports and imports totaling 1.3 trillion euros in 2022, or 54% of the EUs total trade in services.
This agreement with Korea is a significant milestone, following a similar deal with Singapore, which we aim to sign soon.
Our digital trade agreement with Korea will have a positive impact on daily life in Europe. It will:
- Enable EU companies to service Korean customers directly from Europe, recognizing the validity of e-contracts. For example, a European IT company can provide remote software updates or a European engineer can execute projects online.
- European consumers will enjoy better protection when buying Korean goods online, with safeguards against spam and unfair trading practices.
This builds on our successful 2010 Free Trade Agreement, as digital trade continues to reshape global commerce. Our trade partnership will align with modern realities.
It is in our interest to partner with like-minded countries, such as Korea, to establish global standards for digital trade rules and data flows, while strengthening trade and investment ties.
In a few moments, I will speak with my counterpart from Thailand, as we continue expanding our trade agreements globally.
In conclusion, I commend the European and Korean negotiating teams for their efforts in finalizing this significant agreement quickly.