UK joins the first global digital trade agreement negotiated under the World Trade Organization.
- The UK and 90 other countries have negotiated a set of new rules designed to make global trade faster, fairer, cheaper and more secure
- Once in force the agreement will permanently ban customs duties on digital content, lower costs for UK businesses and help protect UK consumers from online fraud
- Global adoption of digital customs systems, processes and documents could significantly grow the UK economy
The UK has today [Friday 26 July] joined a groundbreaking agreement which is designed to grow the economy by boosting global digital trade.
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 by the OECD to be worth around £4 trillion and growing.
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, processes 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.
See more details here: https://www.gov.uk/government/news/uk-joins-groundbreaking-global-digital-trade-agreement
