As the world's second-largest digital economy, China's accession to the Digital Economy Partnership Agreement (DEPA) will help expand a standardized digital market and bring more business opportunities, China's Ministry of Commerce (MOFCOM) said on Monday.

China's accession to DEPA will also strengthen the agreement's impact as a global digital economy framework, MOFCOM said in an online statement. It said that China's application to join DEPA showed its willingness to expand international cooperation on the digital economy.

The joint committee of the DEPA has established an Accession Working Group (AWG), which will be chaired by Chile. The establishment of the AWG indicates that China will start carrying out substantive negotiations with DEPA members about joining the agreement, said MOFCOM.

China filed a formal application to join the DEPA on November 1, 2021. China is speeding up its digital development and expanding opening-up at a stable pace, said MOFCOM.

The DEPA was first signed by Chile, New Zealand and Singapore on June 12, 2020, and went into force in New Zealand and Singapore on January 7, 2021. These founding members are one of the most open economies in the world and have signed many free trade agreements with other countries. South Korea shows great interest in joining it. AWG discussions for South Korea's application are currently ongoing and are chaired by Singapore. It's reported that Canada has also expressed interest in joining.

The pioneering DEPA contains 16 articles covering provisions on a wide range of business initiatives and data issues with the aim of cultivating a business and trade-friendly environment, collaborating on key digital technologies, such as artificial intelligence (AI) and fintech.

(Cover photo via CFP)