What’s new: China has formally applied to join the Digital Economy Partnership Agreement (DEPA) in a bid to boost international cooperation on the digital economy. This follows President Xi Jinping’s announcement in his virtual speech during the G-20 leaders’ summit in Rome.
In a statement on Monday, the Ministry of Commerce said the request (link in Chinese) was made through an official letter from Chinese Commerce Minister Wang Wentao to the New Zealand trade minister.
The ministry said the decision to apply for the membership of DEPA is in line with China’s direction to “deepen domestic reform” and “strengthen cooperation with member states in the field of the digital economy under a new development pattern, as well as promote innovation and sustainable development."
The background: According to the DEPA factsheet, the agreement “will help establish new rules and practices for digital trade, and promote ongoing discussion on issues like digital inclusion, inclusive trade and support for small and medium enterprises (SMEs) in the digital economy.” DEPA was signed by Singapore, New Zealand and Chile in June of last year.
In his virtual speech during the G-20 summit, Xi said that China “stands ready to work with all parties for the healthy and orderly development of the digital economy,” according to the state-run Xinhua News Agency.
DEPA is open to application from WTO members. Canada has also notified DEPA parties of its interest in joining the agreement.
Contact reporter Cai Xuejiao (xuejiaocai@caixin.com) and editor Bertrand Teo (bertrandteo@caixin.com)
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