- Milestone marks the UK's first data adequacy decision in principle since leaving the EU
- Agreement will unleash digital trade between the UK and Republic of Korea, already worth more than £1.3 billion
British businesses and consumers are set to benefit as the UK announces an 'in principle' deal to boost data sharing with the Republic of Korea.
The deal is the UK's first independent adequacy agreement with a priority country since leaving the European Union and sees the government seizing the benefits of having independent data laws.
The ability to share more data without restrictions reduces administrative and financial compliance burdens and makes it easier for more organisations and businesses to trade and operate in both countries. It opens up new markets to digital trade - from startups to multinationals - and brings benefits such as lower prices to consumers.
Data-dependent trade between the UK and the Republic of Korea is already worth £1.33 billion. This agreement will empower British businesses to build on this and grow our economy.
The new agreement means UK-based organisations looking to sustain or grow their operations in the Republic of Korea, such as AstraZeneca and the bank Standard Chartered, and Korean-headquartered companies with operations in the UK, such as Samsung and LG Electronics, will be able to share data freely and maintain high protection standards. Organisations will no longer need contractual safeguards, such as International Data Transfer Agreements and Binding Corporate Rules in place.
The agreement will also boost research and innovation, making it easier
