The UK on Friday joined the first global digital trade agreement negotiated under the World Trade Organization. Department for Business and Trade announced in a statement.
After five years of negotiations, the UK and 90 other countries have finalised the E-Commerce Joint Initiative at the World Trade Organization (WTO), which will make trade faster, cheaper, fairer and more secure. It will help British businesses, workers and consumers seize the opportunities of global digital trade, which is estimated ay £4 trillion.
Once implemented, the agreement will commit all participants to the digitalisation of customs documents and processes. This will in many cases end the need to print forms off and hand them over at customs, a slow, expensive and old-fashioned way of working.
The signatories to this agreement will also commit to recognising e-documents and e-signatures, reducing the need for businesses to physically sign contracts and post them around the world. Global adoption of digital customs systems, proc
esses and documents would increase UK GDP by up to £24.2 billion in 2023 UK GDP terms. Even partial adoption could represent a significant boost to UK GDP. It also commits signatories to putting in place legal safeguards against online fraudsters and misleading claims about products.
Business and Trade Secretary Jonathan Reynolds said: “We are proud to play our part in securing the first ever global digital trade agreement, cutting costs for business and delivering on this governmentÂ’s ambition to deliver economic growth.” Britain is back and proudly playing her role as an outward looking trading nation. Global digital trade is already estimated by the OECD to be worth around £4 trillion and counting but no common set of global rules exist. This is a huge step forward in correcting that and ensuring British businesses feel the benefit.
Science Secretary Peter Kyle said: “This global agreement aims to help people use technology safely by protecting them from fraud, while driving economic growth through th
e digitalisation of trade so itÂ’s faster and more secure.
We will leave no stone unturned in our work to share the benefits of technology and drive economic growth by working with partners around the world to achieve this.”
Source: Kuwait News Agency