LONDON (Reuters) – Improving digital commerce will provide great opportunities for UK businesses and help boost economic growth, the government’s trade commission said, specifying how it wants to become a world leader in modern services and online goods.
In a report on digital commerce to be released on Friday, the committee chaired by Commerce Minister Anne-Marie Trevelyan said the government should help make digital trade agreements and shape trade rules that are appropriate for the modern world.
“By tackling digital protectionism on the global stage and advocating a free, open and competitive digital economy, more UK companies will be able to export their innovative and quality services and goods worldwide,” Trevelyan said in a statement.
In October, Britain helped reach an agreement between the Group of Seven Wealthy Nations on the principles of cross-border data use and governance for digital commerce as a first step in reducing barriers.
The Trade Commission, the governing body responsible for defending exports and domestic investment, said Britain should aim to build a G7 agreement by working with partners to achieve a broader international consensus on digital rules, regulations and standards.
Digital commerce is generally defined as the trade in goods and services that are enabled or provided digitally, which includes activities from the distribution of films and television to professional services.
The report said Britain should focus on securing Free Trade Agreements with the growing Indo-Pacific market and large service-based economies, as well as making rapid progress for the UK to join the Comprehensive and Progressive Agreement on Pacific Cooperation (CPTPP). ).
It should also seek a Digital Economy Agreement with Singapore, seen as a global leader in digital, to show the potential of digital trade rules to others in the World Trade Organization.
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