The International Trade Association has announced South Korea has submitted its intent to participate in the Asia-Pacific Economic Cooperation Cross-Border Privacy Rules System. The revelation comes after an Asia-Pacific Economic Cooperation questionnaire found the country eligible to join the CBPRs system based on the status of its national privacy law. Korea will be the fifth nation to sign on to the rules, along with Canada, Japan, the U.S. and Mexico.
"The expansion of the CBPR System across APEC builds consumer trust and reduces compliance costs for companies, which otherwise must rely on a myriad of compliance mechanisms," the ITA said in a release. It "includes some of the largest companies in the United States including Apple, IBM, Merck, Cisco, and Hewlett Packard, which have raised global privacy standards in their companies by meeting APEC CBPR certification standards and registering with an approved APEC Accountability Agent."
Korea's addition to the CBPR System is advantageous for other economies and businesses, said Acting Assistant Secretary for Industry and Analysis Ted Dean. “Korea’s participation in the APEC CBPR System will promote digital trade, benefit companies in the United States and around the region, and drive uptake of higher privacy standards for consumers in the Asia-Pacific,” he added.
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