The CBPR system continues to build momentum in the Asia Pacific region, with S. Korea becoming the latest APEC economy to submit their Intent to Participate. This follows on the heels of Taiwan’s announcement to follow suit later this year.
Korea offers significant market opportunity for American exporters. 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, said Acting Assistant Secretary for Industry and Analysis, Ted Dean in response to this week’s announcement.
On Monday, an APEC-sponsored readiness survey, showed that more than 57% of APEC members planned to join or are considering joining the system, including The Philippines, Australia, Hong Kong, China, Russia, Singapore and Viet Nam.
In addition to the submission by S. Korea and the announcement from Taiwan, current members include the United States, Mexico, Canada and Japan. The CBPR system was endorsed by APEC member economies in 2012 for businesses established in the APEC region that collect and transfer personally identifiable information from consumers. Participating in the APEC system offers benefits to companies because it allows transfer of personal data across borders, while mitigating risk by raising privacy standards. TRUSTe was named the first Accountability Agent for the system in June 2013. Learn more about obtaining a TRUSTe CBPR certification here.