Peru Submits Request to Join Digital Economy Partnership Agreement to Boost Digital Commerce

By Espinosa Bellido Abogados

The Ministry of Foreign Trade and Tourism (Mincetur) has officially submitted Peru's request to adhere to the Digital Economy Partnership Agreement (DEPA). By joining DEPA, Peru aims to enhance digital commerce among member countries, facilitate cross-border data flow, and foster greater participation of entrepreneurs and micro, small, and medium-sized enterprises (MSMEs) in the benefits of digital transformation.

DEPA serves as a significant opportunity for Peru to strengthen its digital economy and promote the trade of digital products and services, particularly benefiting MSMEs seeking to integrate into global value chains.

What is DEPA?

The Digital Economy Partnership Agreement (DEPA) was signed by Chile, New Zealand, and Singapore.

This agreement encompasses commitments related to trade and the digital economy, with the aim of providing more opportunities to smaller economies and facilitating the inclusion of more individuals and MSMEs in the global economy.

DEPA was signed in June 2020 and came into effect in January 2021 for New Zealand and Singapore, and in November 2021 for Chile.

The agreement establishes a regulatory and cooperative framework that promotes the utilization of new technologies and efficient regulations to facilitate electronic trade of goods and services.

DEPA encompasses various provisions, including logistics, electronic invoicing, online protection and security, digital identity, financial technological cooperation, among others.

One of DEPA's primary objectives is to create a foundation for discussions on areas that support the digital economy from a commercial perspective.

DEPA and Intellectual Property:

While DEPA focuses on promoting digital trade and fostering a conducive environment for e-commerce, it does not directly address intellectual property rights. However, intellectual property rights remain essential in the digital economy, as they protect innovations, creations, and original works.

Peru, as it embarks on its journey towards joining DEPA, will continue to ensure that intellectual property rights are upheld and effectively protected, aligning with national and international regulations in this domain.

The inclusion of Peru in DEPA marks a significant step forward in leveraging digital opportunities, expanding market access, and fostering economic growth through enhanced digital commerce. It underscores Peru's commitment to embracing digital transformation and benefiting from the advantages offered by a globally connected digital economy.