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"It could become a global model."  Bloomberg: The White House is preparing a digital trade deal

“It could become a global model.” Bloomberg: The White House is preparing a digital trade deal

The company revealedBloombergOn Monday, the White House announced a digital trade agreement involving several countries, which could be a global model in the future, and the United States announces a return to Asia.

Details of a possible deal are still being drafted, but the deal also includes countries such as Canada, Chile, Japan, Malaysia, Australia, New Zealand and Singapore, and someone familiar with the matter asked Bloomberg not to be named.

“The deal could set standards for the digital economy, including data usage, trade facilitation and electronic customs arrangements,” the company was quoted as saying by a source close by.

“Bloomberg” points out that the deal will show the Biden administration’s interest in pursuing new business opportunities, focusing more on concluding existing deals than on negotiating what former President Donald Trump’s administration has sought to create. With the United States and Kenya.

The conclusion of the agreement would also mark the return of the United States to the “trade game in Asia” through the economic program for the world’s most economically and strategically important region, namely Biden reaffirming his different policy from his predecessors. Trump decides to withdraw from talks on a deal. Trans-Pacific partnership in 2017, the company said.

“The Digital Trade Agreement will push the United States behind in the trade game in Asia, while considering the benefits of joining the Comprehensive and Advanced Trans-Pacific Partnership (CPTPP) Agreement,” said Wendy Cutler, US Deputy Trade Representative.

Cutler, now vice president of the Asia Society Policy Institute, argued in April that existing arrangements in the region could be made, including a US digital trade agreement with Joshua Meltser, a senior member of the Brookings Institution. And other agreements between regional countries such as the Digital Economy Joint Agreement between Japan and Singapore, New Zealand and Chile.

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At the end of last June, the Commerce Ministries in Singapore and the UK announced the start of negotiations to reach a “digital trade agreement”, described as “the first type between an Asian country and a European country”.

Charles Freeman, senior vice president of Asia at the U.S. Chamber of Commerce in Washington, D.C., believes a digital deal could “serve as a precedent for a global agreement. I think it’s time to do that.”

However, Bloomberg says the Biden administration should align the draft agreement with its labor-centric trade policy, which was outlined by US Trade Representative Catherine Day.

Officials in the White House and the U.S. Trade Representative’s Office did not immediately respond to Bloomberg’s comments, but said some Biden executives had publicly pointed to a possible deal.

“For the United States to be very effective in Asia, we need to make it clear that we have an economic plan and ongoing engagement. In the next few days you are going to see parts of it,” White House Chief of Staff Kurt Campbell said on July 6. Management is considering.