The United Kingdom and South Korea on Wednesday signed an in-principle agreement which will enable data transfer between the two nations. The agreement is the first of its kind in the United Kingdom, as it is UK’s first international data sharing deal since Brexit.
Once the deal gets into effect, both governments of South Korea and the United Kingdom will allow organisation and companies to transfer data between two nations without any restrictions.
The deal will help sectors such as, internet linked services, smart devices, Global Positioning System and research development to name a few.
It is important to note that big tech companies such as Samsung and LG are based in South Korean cities. These two companies alone have a market of more than 1.5 billion dollars across the globe in international Digital Trade. Apart from Samsung and LG, which focus on mobile and other home appliances, South Korea is also a hub for various financial institutions and automobile companies.
This cross-country data sharing agreement can enable companies to provide efficient and affordable services to various customers in either of the states.
Data minister of the United Kingdom, Julia Lopez, said in a joint statement that the new data-sharing agreement can enable businesses in the United Kingdom to conduct more researches and development using an unrestricted data-sharing environment which can improve lives of UK citizens in a huge way.
She also said that the in principle agreement signed between two nations shows how much importance both governments of the Republic of Korea and United Kingdom give to data protection.
Jong in Yoon, who is commissioner of the personal information protection commission in Republic Of Korea also added to the joint statement that strengthening cooperation between two nations can contribute heavily to a strong and sustainable global data landscape.
Agreements with other nations
Now, as an in principle agreement has been signed with the South Korea, government of the united king is eying at forming similar deals with countries such as the United States of America, Australia, Singapore. Data-sharing deals with Dubai international finance centre and Colombia are also in the in pipeline.
United Kingdom is expecting that constituting such agreement with nations who have highly significant share in digital trade can help the enterprises in the United Kingdom to increase their online footprint and reap huge profits in business.
Brexit and aftermath
Since 2020, when the United Kingdom absolved itself from European Union, the country has been facing severe economic and political crises and instability.
Data sharing deals such as the recent one with South Korea would not have been even necessary if Britain stayed in the European Union, as EU already had similar deals with other nations and organisations.