GENEVA (AFP) – Efforts to draw up global digital trade rules advanced on Friday when dozens of nations wrapped up negotiations with a draft text, but more talks will likely be necessary as the United States (US) and several other countries are still not on board.
Protections for online consumers, digitalisation of customs procedures and recognition of electronic signatures figure among the measures laid out in the text aimed at promoting and facilitating digital transactions.
European trade chief Valdis Dombrovskis hailed the text as “historic”, writing on social network X that countries had “negotiated the first global rules on digital trade”.
“This will facilitate e-transactions, boost innovation, and integrate developing countries into the digital economy,” he said.
Once in place, the deal “will make trade faster, cheaper, fairer and more secure”, Britain said in a statement.
Digital commerce is growing far faster than its traditional counterpart.
The OECD group of economically developed nations said it estimated that in 2020, e-commerce already made up a quarter of global trade, making it worth just under USD5 trillion.
