LONDON: Improving digital trade will provide huge opportunities for British businesses and help spur economic growth, the government’s business board said as it aims to become the world leader in modern services and online goods.
In a report on digital trade to be published on Friday, the board, chaired by Trade Minister Anne-Marie Trevelyan, said the government should strike down digital trade deals and help shape global trade rules suitable for the modern world. .
“By addressing digital protectionism on the global stage and supporting a free, open and competitive digital economy, more UK companies will be able to export their innovative, high quality services and goods globally,” Trevelyan said in a statement. “
In October, Britain helped broker a deal between a group of seven wealthy countries on principles to govern cross-border data use and digital trade in the first phase to ease barriers.
The Board of Trade, a government body promoting exports and inward investment, said the UK should aim to build on the G7 agreement by working with partners to build a broader international consensus on digital rules, norms and standards.
Digital trade is broadly defined as the trade in goods and services that are either enabled or distributed digitally, including activities ranging from the distribution of films and TV to professional services.
The report said the UK should particularly focus on securing free trade agreements with the rapidly growing Indo-Pacific market and larger, service-based economies, as well as the Trans-Pacific Partnership (CPTPP). The UK’s entry into a comprehensive and progressive agreement must be swift. ,
It should also seek a digital economy agreement with Singapore, seen as a global leader on digital, to demonstrate the potential of digital trade regulations to others in the WTO.