Free flow of data, strong protection: what the agreement brings
After a year and a half of negotiations, the EU and South Korea have agreed on a ground-breaking digital agreement. The aim is to facilitate digital trade, regulate cross-border data traffic and safeguard European data protection standards. Spam protection, secure digital contracts and the waiver of digital tariffs are also part of the package.
Why is this important? Quite simply, the global economy is becoming increasingly digital. And if you want to play a leading role in global competition, you need reliable rules for data exchange.
Data protection at the highest level - without additional agreements
South Korea is already one of the few countries to have received an "adequacy decision" from the EU. This means that the level of data protection largely corresponds to the strict GDPR standards. Companies can therefore exchange personal data between the EU and South Korea without having to conclude complex additional contracts.
The new agreement takes cooperation one step further:
- Consumer protection against spam and fraud on the Internet
- Secure data flows without legal uncertainties
- Level playing field for European and South Korean companies
- More digital business opportunities for companies on both sides
Open data, e-commerce & cloud services: Focus on the digital economy
In addition to data protection, there are also practical benefits for companies and administrations. The mutual recognition of electronic contracts should speed up business processes. The exchange of open administrative data (open data) will also be simplified. Particularly important for the economy: regulatory authorities such as the Federal Network Agency will work more closely with their South Korean partners in future to reduce barriers to online trade.
EU seeks new partners - and positions itself strategically
This agreement also has a geopolitical dimension. The EU wants to become more independent from the US, especially in times of increasing tensions. "At a time of geopolitical uncertainty, strengthening our relations with like-minded partners such as South Korea is of the utmost importance," emphasizes Trade Commissioner Maroš Šefčovič.
Germany also welcomes the agreement. The agreement is a milestone for the EU as a key player in the global digital economy, explained State Secretary for Economic Affairs Udo Philipp.
What comes next?
Before the agreement comes into force, it still has to go through a legal review and be approved by the Council of Ministers and the EU Parliament. After that, European companies could benefit from the new regulations - and digital trade with South Korea could become much easier.
