In 2020, I had blogged here and here about the Digital Economy Partnership Agreement (DEPA) entered into between Singapore, New Zealand and Chile in 2020. The Agreement itself has some pathbreaking provisions on digital trade in the realm of international rule making.
They have an addition now. The Republic of Korea has acceded to the DEPA recently. The press release is here.
What struck me was the time period it took to complete the accession - Chile, New Zealand and Singapore signed the DEPA in June 2020. Korea formally applied to join the DEPA in September 2021. And it was completed in 2024.
The World Economic Forum has this to say about these digital agreements here.
"It is clear that the future of trade is digital. Digital economy agreements have already pushed the boundaries of traditional trade agreements, and more governments are eager to join this new frontier. Ultimately, the goal is not just to sign more trade agreements or DEAs, but to advance global trade and inclusive economic growth in the digital age. The World Economic Forum welcomes further public-private cooperation to maximize the benefits of this new trade tool and, more broadly, advance digital transformation and innovation around the world."
I was just trying to extrapolate bilateral and smaller regional agreements to multilateral negotiations. Trade negotiations do have a life of their own - known to move at glacial speed.
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