The Korea International Trade Association (KITA) organized the “Opportunities and Challenges of Digital Trade Conference 2022” at COEX in Samseong-dong on Dec. 21.
Experts from international economic organizations, universities from home and abroad, research institutions, digital trade experts affiliated with law firms and other relevant businesspeople gathered to listen to lectures and share opinions during discussions.
KITA announced the conference was organized for the following purposes - a) looking into digital transformation resulting in a massive shift in the global trading environment, b) analyzing the direction of discussions regarding international trade norms, c) engaging in discussions on the path Korea needs to take in regards to digital trade and d) discovering potential issues that may require action in the future.
In his welcome remarks, Christopher Koo, the Chairman of KITA stressed, “Data is a key element that will define the future of the digital industry” and added, “Korea has signed its first digital trade agreement - the Korea - Singapore DPA - to keep up with the irreversible tide of digital transformation.”
Chairman Koo also said, “Next year will see full-fledged negotiations on gaining membership in DEPA - the first multilateral agreement of its kind and multiple talks within the IPEF that places digital trade as a mainstream agenda” and anticipated, “We expect to see more digital trade agreements being signed at a much-accelerated pace.”
Chairman Koo pointed out, “Although Korean companies are well aware of the importance of embracing the digital age, their preparation is not yet sufficient to face the digital age.”
The chairman said, “KITA hopes Korean companies will gain a better understanding on digital trade by taking today’s conference as an opportunity” and highlighted, “KITA will be committed to embrace the responsibility as a bridge between the government and the private sector that facilitates the interest of Korea’s trading businesses to be reflected in digital trade policies”
Ahn Deok-geun, the Minister of Trade at the Ministry of Industry, Trade and Energy said, “As our companies have enjoyed success through openness and innovation, digital trade is an important agenda that will decide the fate of the competitiveness of our future industries.”
The Minister also mentioned, “Our ministry will be committed to implementing more far-reaching digital trade policies to place Korea as a major player in digital trade” and proposed five key policy directions that will guide how digital trade policies will be implemented.