Chile advances in its update of the Trade Agreement with South Korea with Digital Commerce as a key point in the agreement

The Undersecretary of International Economic Relations of Chile, Rodrigo Yáñez, has met in Seoul, South Korea, with Yoo Myung-Hee, Minister of Commerce, to advance on bilateral economic and trade relations between the two countries, with the aim of creating a more immersive relationship of technology, as reported by the Diario Constitución this August 31 on its website.

During the meeting, Chile expressed its interest in improving and advancing in the negotiations for the modernization of the Free Trade Agreement (in force since 2004), which have been underway since 2018, in search of better economic opportunities for the country to achieve the reactivation of a market that has been severely affected by the pandemic.

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On the other hand, the Chilean authority held conversations with Jang Seokyoung, representative of the Ministry of Science and ICT, to discuss the implementation of 5G mobile technology and Artificial Intelligence (AI), given that the Asian country has been a pioneer in this field. Points that will help promote the so-called fourth industrial revolution that wants to be led by these two countries.

The Diario Constitución, also highlighted that, through the updating of the treaty signed with South Korea, which defines the rates for the import and export of goods between the two countries, Chile will be able to deploy its trade even more, improving the opportunities offered to the national labor market and optimizing, mainly, the sectors related to new technologies.

The digital trade, according to the publication, will be the key for the South American region to expand its offer and diversify its markets to other countries.

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The modernization of the treaty is only a first step of the South American country, to achieve its objectives within which is to expand the Chilean market and offer a wide variety of products based on digital trade. Given this panorama, Yánez indicates that:

„The diversification of our destination markets, together with the expansion of our exportable offer focused on services and digital commerce, will contribute to making our trade more resilient and to contributing to our future economic recovery,“ added the Chilean authority.

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Likewise, Yáñez, held conversations with the Deputy Minister of Foreign Affairs, Lee Taeho, where they discussed bilateral relations and cooperation ties, global economic issues, and exchanged experiences regarding the measures applied in both governments on the treatment of Covid-19.

Undersecretary Rodrigo Yáñez also highlighted that South Korea is Chile’s fifth largest trading partner and the third largest in the Asian region after China and Japan. South Korea is the Asian country that currently leads the world economic market. With a wide participation in technological development, such as the blockchain to guarantee the safe transfer and registration of intellectual property, and the adoption of Artificial Intelligence (AI) that facilitates a more direct relationship with technology, which would bring great benefits to the economic development of the country making the bilateral relations between both regions more attractive.

An example of this technological development in Crypto Cash in South Korea is the energy provider Korea Electrick Power Exchange (KPX), which adopted a proposal evaluation system based on the blockchain, becoming the first public institution in the Asian country to give way to this type of technology for its administrative processes.