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UK sets out plans to boost global digital trade -Breaking

© Reuters. Anne-Marie Trevelyan is Britain’s Secretary-of-State for International Trade. She arrives on Downing Street in London (Britain), November 11, 2021. REUTERS/Henry Nicholls

LONDON (Reuters – Improving digital trading would create huge opportunities for British business and increase economic growth. This was stated by the Board of Trade, which outlines how the government aims to be a leader in online modern services.

Anne-Marie Trevelyan is the head of the trade ministry’s report on digital commerce, which will be released Friday. The board said that government should work to create digital trade deals as well as help to shape international trade rules for modern times.

Trevelyan released a statement saying that more UK firms will be able, “By attacking digital protectionism globally and championing open and free digital economies, we can export our innovative, quality services and goods worldwide.”

Britain was a broker in the October deal with Group of Seven rich nations to establish principles that govern digital trade and cross-border data usage. This is a step towards reducing obstacles.

According to the Board of Trade (a government agency charged with promoting exports and inward investments), Britain should seek to expand on G7 by working with other countries to achieve a greater international consensus regarding digital norms, standards, and rules.

The broad definition of digital trade includes trade in goods, services and technology that are either enabled or delivered digitally. It can include everything from film distribution to professional services.

The report said Britain should focus particularly on securing Free Trade Agreements with the fast-growing Indo-Pacific market and large, service-based economies, as well as rapidly progressing the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

It also suggested that it seeks a Digital Economy Agreement (with Singapore), which is regarded as the global leader in digital. This would allow the World Trade Organization to see the potential of digital trade rules.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.