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President Piñera signs promulgative decree of the Digital Economy Association Agreement

Monday, October 25, 2021

This morning, President Sebastián Piñera signed the decree promulgating the Digital Economy Association Agreement (DEPA) at La Moneda Palace. Also participating in the ceremony were the Minister (s) of Foreign Affairs, Carolina Valdivia, and the Minister of Economy, Development, and Tourism, Lucas Palacios. This signing was carried out within the framework of the SME Week 2021, led by the Ministry of Economy, Development, and Tourism.

This Agreement, which is a pioneer of its kind in the world, enters into force on November 23 and arose from the common interest of Chile, New Zealand, and Singapore to benefit the smallest economies, through a friendly framework for ICT companies, providing more opportunities for citizens, especially for SMEs. The Agreement encourages the export of products and services through the regulation of some crucial matters, such as the free flow of data and non-discrimination of digital products, artificial intelligence, digital identity, and privacy, among others.

"The digitization of products and services has evolved rapidly, which has led us to seek innovative solutions, also in the field of international economic relations. In this sense, this agreement promotes cooperation in new areas, offering greater opportunities to entrepreneurs, especially SMEs", said the Minister (s).

Today there are new digital products that have become the objects of international trade, such as music, software, e-books, video games that must be strengthened by a regulatory framework that enhances their international expansion, so that anyone with a good business idea and an Internet connection can reach anywhere in the world. DEPA represents a modernizing milestone in Chilean trade policy, as it is a pioneer in dealing exclusively with digital economy matters, the key to sustainable economic recovery.

It should be noted that thanks to its potential, countries such as Canada and South Korea have expressed their interest in joining DEPA, which would constitute an important step towards the consolidation of a pioneering agreement in the digital economy.