Nearly 80 countries around the world, including European Union nations, the United Kingdom, China, Canada, Australia, Saudi Arabia, and Japan, agreed today on a set of rules to govern global e-commerce, but the United States will not participate.
After five years of negotiations, the coordinating countries Australia, Japan and Singapore have drawn up a single text, defined “historic” by the European Commission and “revolutionary” by the British government. “We have negotiated the first global rules on digital trade,” he written today on social media the European Commissioner for Trade, Valdis Dombrovskis. “This will facilitate electronic transactions, stimulate innovation and integrate developing countries into the digital economy”.
The new rules include laws to recognize electronic signatures and protect against online fraud. All members will commit to digitizing documents and customs procedures, recognizing contracts and electronic signatures, and putting in place legal safeguards against online scams and misrepresentations of products on the market. The parties will also have to promote the fight against spam and protect personal data, as well as offer support to least developed countries, the text says.
In total, 91 of the 166 members of the World Trade Organization (WTO) took part in the negotiations, including countries such as China, Canada, Argentina, Nigeria and Saudi Arabia. But not the United States. According to Washington, the agreement announced today represents an important step forward but is still insufficient, in particular “on the formulation of exceptions due to essential security interests”. “We look forward to working with interested members to find solutions to all outstanding issues and bring the negotiations to a swift conclusion,” U.S. Ambassador to the WTO Maria Pagan said in a statement.
But other countries too, according to a source cited from the press agency Reutershave expressed reservations, including Brazil, Indonesia and Turkey. However, for the agreement to be translated into a World Trade Organization regulation, the consent of all 166 member states will be needed of the organization.
“Once integrated into the WTO legal framework, the E-Commerce Agreement will be the basis for global rules on digital trade among a wide range of members. of the organization”, he commented the EU Commission. The agreement will benefit both consumers and businesses and support digital transformation among participating WTO Members to facilitate cross-border electronic transactions; reduce barriers to digital trade; and promote innovation in e-commerce. It will also strengthen digital inclusiveness and economic growth in developing and least developed participating Members.”
Digital trade represents around 25 percent of all international trade and is growing at a faster pace than traditional trade. The European Union is a world leader in both exports and imports of digitally deliverable services, which amounted to €1.3 trillion in 2022, or 54 percent of total EU trade in services.
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