Brussels: The European Union and South Korea have signed a significant Digital Trade Agreement (DTA) during a summit in Brussels. This agreement marks a pivotal moment in the relationship between the two entities, underscoring their mutual commitment to fostering open, transparent, and rules-based trade.

According to Anadolu Agency, the agreement was concluded as European Council President Antonio Costa and Commission President Ursula von der Leyen met with Korean President Lee Jae Myung during the 11th EU-South Korea Summit. The DTA aims to complement the existing EU-Republic of Korea Free Trade Agreement, which has been in place since 2011, by introducing binding high-standard digital trade rules.

The European Commission's statement emphasized that the new rules will recognize the legal validity and enforceability of electronic contracts and promote the use of electronic signatures. The agreement is set to create new opportunities for consumers and businesses, particularly for micro, small, and medium enterprises, while enhancing consumer safety and confidence in the digital economy through stringent online consumer protection measures.

Furthermore, the agreement is designed to facilitate cross-border data flows and prohibit the compulsory transfer of source code. Both the EU and the Republic of Korea are committed to maintaining their high levels of personal data and privacy protection, preserving the regulatory space required to pursue legitimate policy objectives.