The UK government struck a deal with South Korea to boost data sharing between the nations, a move designed to spark a new era of digital trade which is already worth more than £1 billion.
In a statement, the UK Department for Digital, Culture, Media and Sport (DCMS) noted the in principle agreement marked a major milestone since its exit from the European Union, allowing the transfer of data with South Korea without restrictions.
The DCMS explained data sharing would reduce administrative and compliance burdens, making it easier for more organisations and businesses to trade and operate in both countries, enabling opportunities for big and small companies and lowering prices for consumers.
For example, the DCMS explained the agreement would boost electronics companies including Korean giants Samsung and LG Electronics already operating in the UK, allowing free data sharing while maintaining high protection standards.
Organisations also will no longer need contractual safeguards such as International Data Transfer Agreements and binding corporate rules.
Data-dependent trade between the two nations is already worth around £1.3 billion, and the latest move will further boost research and innovation, allowing for better collaboration on medical treatments and other vital research.
The deal comes after a year of technical discussions between the pair.Subscribe to our daily newsletter Back