Day: November 23, 2022

• Organisations will be able to transfer personal data securely to the Republic of Korea without restrictions by the end of the year following legislation

• UK decision will help generate an estimated £14.8 million in annual business savings and increased exports

• Milestone formalises first data adequacy decision since UK left the European Union and goes beyond scope of previous EU deal – boosting investment.

UK organisations will be able to share personal data securely with the Republic of Korea before the end of the year as the UK finalises legislation for its first independent adequacy decision.

Allowing businesses in both countries to share data without restrictions will make it easier for them  to operate and grow. Once in force, the legislation is estimated to cut administrative and financial burdens for UK businesses by £11 million a year and is expected to increase exports to South Korea by £3.8 million annually.

Personal data is information related to an individual, such as a name or email address, and data must be protected to a high standard to ensure it’s collected, shared and used in a trustworthy way.

After agreeing to a data adequacy agreement in principle in July 2022, the UK government has completed its full assessment of the Republic of Korea’s personal data legislation. The government has concluded that the Republic of Korea has strong privacy laws in place which will protect data transfers to South Korea while upholding the rights and protections of UK citizens.

Before now, organisations needed to have costly and time-consuming contractual safeguards in place, such as standard data protection clauses and Binding Corporate Rules. The new freedoms will open up opportunities for many small and medium sized businesses who may have avoided international data transfers to Korea due to these burdens.

Removing barriers to data transfers will also boost research and innovation by making it easier for experts to collaborate on medical treatments and other vital research which could save lives in the UK. For example, secure international personal data transfers are essential for developing effective medical treatments like vaccines.

UK Data Minister Julia Lopez met with representatives of the Korean Personal Information Protection Commission today to mark the legislation being laid in Parliament, which is expected to come into force from the 19th December.

This is the UK’s first decision to recognise a priority country adequate since leaving the European Union (EU).

The UK’s adequacy decision is broader than the EU’s deal with South Korea. The most significant difference between the two deals is that UK organisations will be able to share personal data related to credit information with the Republic of Korea to help identify customers and verify payments. The ability to share this type of data will help UK businesses with a presence in the Republic of Korea to boost credit, lending, investment and insurance operations in the Republic of Korea.

Data Minister Julia Lopez said:

“ Before the end of the year, businesses will be able to share data freely with the Republic of Korea – safe in the knowledge it will be protected to the high privacy standards we expect in the UK.

“ Removing unnecessary burdens on businesses will help unleash innovation, drive growth and improve lives across both our countries.”

Ko Haksoo Chairperson of the Korean Personal Information Protection Commission said:

“ It’s a great pleasure for us to see the outcome of the UK’s adequacy decision for the Republic of Korea today.

“ I look forward to strengthening our partnership in promoting the trustworthy use and exchange of data between Korea and the UK based on a high level of data protection.”

​​The Republic of Korea is one of the fastest growing markets for the UK, with more than two-thirds of British services exports to the country data-enabled.

John Edwards, UK Information Commissioner, said:

“ We support the Government in undertaking adequacy assessments to enable personal data to flow freely to trusted partners around the world.

“ We provided advice to the Government during this assessment of the Republic of Korea, and we are satisfied with the Government’s recognition of similar data protection rights and protection in Korean laws. This will bring certainty to UK businesses and reduce the burden of compliance, while ensuring people’s data is handled responsibly.”

Ends

Notes to Editors:

• Please see here the Statutory Instrument (legislation) that will give effect to the UK’s adequacy decision for the Republic of Korea,  is expected to come into effect on the 19th December.

• Please see here the Explanatory Memorandum sets out the purpose of the Statutory Instrument.

• Please see here the Impact Assessmentwhich sets out the objectives of the costs, benefits and risks.

• In August 2021, the UK announced the Republic of Korea as a priority country for data adequacy assessments alongside the United States, Australia, Singapore, the Dubai International Finance Centre and Colombia. The government continues to make excellent progress in its assessment of these other priority countries.

• Data enabled services exports to these destinations are already worth more than £80 billion. The ability to unlock more growth and allow us to share crucial information, such as life-saving research and cutting-edge technology innovation across our borders.

• DCMS sectors, like tech, telecoms and the creative industries, contributed £211 billion to the economy last year and support more than four million jobs across the UK. And they are creating new jobs, with 250,000 more jobs now than in 2019, before the pandemic.

• Exports of services by the digital sector were worth £56 billion in 2020, which is around a fifth of the UK’s total service exports.

• Up to £4 billion available finance for overseas buyers of UK goods and services will strengthen the trade relationship between the UK and Morocco
• Announcement comes as export credit agency appoints new International Export Finance Executive (IEFE) in Casablanca, Morocco
• Boost for British exporters with a minimum 20% overall contract value provided to UK suppliers with any overseas project financed by UKEF

UK Export Finance (UKEF) has today announced up to £4bn is now available for Moroccan buyers for projects in the region, provided at least 20% of the content is sourced from UK businesses.

To promote UK and Moroccan trade, UKEF has appointed a new International Export Finance Executive (IEFE), based in Casablanca, to help galvanize new opportunities for UK businesses to export to the region. The financing will promote investment between the two nations by helping Moroccan buyers access support to deliver projects, provided that at least 20% of the overall contract value is sourced from UK suppliers.

Morocco offers a range of opportunities for UK businesses, such as potential projects in energy transition, water desalination, and infrastructure, including rail, roads, ports and airports to boost the domestic economy through new transport links.

The announcement comes just weeks after UKEF announced that it had deployed £2.3 billion in the continent in 2021, triple the amount invested between 2018-19. The announcement follows the UK and Morocco celebrating three centuries of shared prosperity in 2021, which marked the 300th anniversary of the first trade treaty between the two nations.

I’m proud that UKEF is playing a leading role in strengthening the historic trade relationship between the UK and Morocco, with on-the-ground presence and support from our International Finance team. UK firms have an opportunity to do more business with Morocco – a country that is seeking to deliver a more sustainable future – and we look forward to supporting projects in the region.

The British Ambassador to Morocco, Simon Martin, said:

It’s great news that UKEF now have a dedicated resource here in Morocco. The challenge is now on buyers in Morocco to bring their projects forward. With the support of UKEF we could see a new wave of investment in Moroccan infrastructure, renewables and other sectors. I am excited to see how this develops and looking forward to seeing our partnership with Morocco continue to grow.

The appointment of an IEFE in Casablanca is the latest development in UKEF’s drive to expand its global network and generate new business for UKEF and UK businesses. There are currently 18 executives in place across the Americas, South Asia, Asia Pacific and Africa, with plans to increase this number to around 30 in the next year. IEFEs work closely with overseas buyers, financial lenders, His Majesty’s Trade Commissioners and British Ambassadors to engage with overseas governments and multinational companies looking to buy from the UK – creating vital trading opportunities for British businesses.

UKEF in Africa

UK Export Finance (UKEF) has billions of pounds in capacity to support projects in African markets sourcing from the UK and can offer financing in up to 12 African currencies. It can help foreign countries access finance, loans and insurance to make their projects happen, if they commit to sourcing goods and services from the UK.