China applies to join DEPA, an international agreement to boost digital economy...

China applies to join DEPA, an international agreement to boost digital economy

China applies to join DEPA, an international agreement to boost digital economy

November 2, 2021 3:27 am

China has officially applied to join the Digital Economy Partnership Agreement (DEPA), an international agreement that establishes approaches and collaboration in digital trade issues.

Details:

In a statement on Monday, China's Ministry of Commerce said that minister Wang Wentao submitted the application in a written letter to Damien O'Connor, minister for trade and export growth of New Zealand, the DEPA depositary.

The DEPA is an agreement signed by Singapore, Chile and New Zealand in June 2020 that is aimed at establishing basic rules to promote these countries as platforms for the digital economy. It includes not only having a friendly framework for companies, where they can export their digital services and products, but also exploring new subjects in the technological context that serve society in general through inclusive economic development.

Applying to join DEPA is in line with China's efforts of "further deepening domestic reforms and expanding high-level opening-up," said the Commerce Ministry.

Context:

Citing expert, Global Times said that China's digital development has led the world in recent years, but the lack of an internationally recognized legal framework for digital trade has led to much friction for relevant businesses, and joining in DEPA would accelerate Chinese companies' digital business layout.

China's application ​comes as the country is tightening regulations on internet platforms that handle large volumes of personal data, aiming to target monopolies and other illegal activities that harm consumers' rights and interests.

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