The UK Group of Seven Nations on Friday agreed on policies for the use of cross-border data and digital commerce, described as a breakthrough that could open up hundreds of billions of dollars in international trade.
The trade ministers of the seven groups reached an agreement at a meeting in London on Friday. This agreement establishes a neutrality between the most regulated data security systems used in European countries and the open approach of the United States.
“We oppose digital protectionism and dictatorship.
Digital commerce is broadly defined as the trade of goods or services that are digitally executed or delivered, and includes activities ranging from film and television distribution to professional services.
For Britain alone, long-distance trade accounted for 6 326 billion ($ 448.09 billion) or a quarter of its total trade in 2019, according to official government data.
But various rules governing the use of customer data can create significant barriers, especially for small and medium-sized businesses where compliance is complex and costly.
The agreement reached on Friday is the first step in reducing these barriers and will lead to a general rule book for digital commerce.
Policies cover open digital markets; Data flows across borders; Guarantees for workers, consumers and businesses; Digital trading systems. The report states that global governance is fair and inclusive.
“As we continue to address privacy, data protection, intellectual property protection and security, we must address unnecessary barriers to cross-border data flows,” the appendix to the document states.
A British official familiar with the deal said: “This deal is a real step forward as a result of ruthless diplomatic tensions.
He added: “We depend on digital commerce every day, but for many years the global rules of the game have been a wild West.
The G7 includes the United States, Japan, Germany, Britain, France, Italy and Canada.
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