The European Union and South Korea signed an agreement to promote open and transparent digital trade between the two long-term economic partners.
– We are working together to strengthen economic security and encourage innovation – European Commission President Ursula von der Leyen said on Wednesday, after a meeting with South Korean President Lee Jae-Myung.
The digital trade agreement complements the free trade agreement in force between the EU and South Korea since 2011.
Under the new agreement, electronic contracts and electronic signatures will be legally recognized and enforceable.
In addition, the agreement promotes consumer protection rules on the Internet, “facilitates cross-border data flows and prohibits the mandatory transfer of source code,” according to a press release.
In the EU, the European Parliament and member states still need to formally approve the digital trade agreement.
Other topics discussed by Lee, von der Leyen and European Council President António Costa included economic resilience, security and defense cooperation and the transition to clean energy.
Bilateral trade in goods between the EU and South Korea was over €124 billion ($143 billion) in 2025. Bilateral trade in services was worth 33 billion euros in 2024.
According to EU data, the EU is the third largest trading partner of South Korea, while South Korea was the largest supplier of imported goods to the EU.
(Vijesti.ba/Fena)
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