The United Kingdom and the Republic of Korea (South Korea) have announced an agreement to allow the transferring of data between the two countries without any restrictions. The deal is the first of its kind for the former after the UK left the EU.
The deal between the two countries will allow the sharing of data that might be provisioned in one country, but can be used or run in the other. Data sources include GPS, smart devices, online banking, research, internet services, and more.
South Korea is home to some of the world's largest tech companies. Samsung and LG both represent around £1.33 billion ($1.6 billion) in international digital trade, the UK said.
Julia Lopez, Minister of State for Media, Data, and Digital Infrastructure, said:
Today’s agreement is an important milestone in the strengthening of cooperation between the UK and Republic of Korea. The promotion of the trustworthy use and exchange of data across borders is key to realising a more secure and prosperous future for our citizens, businesses, and governments.
Republic of Korea Commissioner of the Personal Information Protection Commission Jong in Yoon said in a statement:
“I am honored to agree to this joint statement today. Strengthening cooperation between the U.K. and the Republic of Korea based on the shared recognition of high standards of protection can contribute to forming a healthier and more sustainable global data landscape."
The UK was considering many countries including South Korea for its international data adequacy initiative that aimed at unlocking the benefits of free and secure cross-border data flows, now that the country has left the EU. The other countries considered were the US, Australia, Singapore, the Dubai International Finance Centre and Colombia.
If UK had remained in the EU, nothing much would've changed since South Korea already has a data adequacy deal with Europe.