The South Korea-EU summit on 30 June is expected to discuss South Korea’s exemption from paying GDPR transfer fines. The exception would allow its businesses located within the EU to transfer data to South Korea without penalties.
After failing to get the agreement in 2016 and 2018, South Korea has taken a number of steps towards data privacy and legal standardisation.
Its umbrella law, the Personal Information Protection Act, the Act on Promotion of Information and Communications Network Utilization, and the Act on Use and Protection of Credit Information are said to have encouraged positive negotiations, according to Business Korea. Additionally, the Personal Information Protection Commission fulfils the EU’s expectation of an independent personal information protection commission.
A South Korean government official said: “The exception will be discussed at the summit scheduled for June 30 and we are anticipating a positive outcome.”
Provisional approval from the EU on the South Korean negotiations will be released in late July.
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