The deal will unleash digital trade between the two countries and enable British organisations to securely transfer data with South Korea without any restrictions
The UK and South Korean governments have inked a new data adequacy agreement. (Credit: Crown copyright)
The UK and South Korean governments have signed a new data adequacy agreement in principle to promote the trustworthy use and exchange of data without any restrictions between the two nations.
According to the UK Department for Digital, Culture, Media & Sport (DCMS), the deal is Britain’s first independent adequacy agreement with a priority country after its exit from the European Union (EU).
The deal also sees the UK government securing the benefits of having independent data laws, said the department.
It was signed by UK Data Minister Julia Lopez and South Korea Personal Information Protection Commission (PIPC) Chairperson Jong in Yoon.
The UK government said that sharing more data without restrictions reduces burdens of administrative and financial compliance and makes it simpler for more businesses and organisations for trading and operate in the two countries.
Besides, it opens up new markets to digital trade, from startups to global companies, and offers benefits like reduced prices to consumers, stated the DCMS.
It further stated that the new data adequacy agreement will empower UK businesses to build on the £1.33bn data-dependent trade between the two countries and grow the British economy.
Lopez said: “Today marks a huge milestone for the UK, the Republic of Korea and the high standards of data protection we share.
“Our new agreement will open up more digital trade to boost UK businesses and will enable more vital research that can improve the lives of people across the country.”
As per the agreement, the two counties stated that their commitments and work support the key role of the trustworthy use of data in international commerce, research, and innovation, in empowering and safeguarding individuals, and in sustaining peaceful and democratic societies.
The agreement will ensure that contractual safeguards like international data transfer agreements and binding corporate rules are no longer required by organisations.
Jong in Yoon said: “I am honoured to agree to this joint statement today. Strengthening cooperation between the UK and the Republic of Korea based on the shared recognition of high standards of protection can contribute to forming a healthier and more sustainable global data landscape.”