“We oppose digital protectionism and authoritarianism and today we have adopted the G7 Digital Trade Principles, which will guide the approach on digital trade.”said the statement released by Great Britain.
Digital trade is broadly defined as trade in goods and services that is enabled or provided digitally, encompassing activities ranging from film and television distribution to professional services.
For Britain alone, distance trading was worth 326 billion pounds ($ 448.09 billion) in 2019, or a quarter of all its trade, according to a government study of official data.
But the different rules governing the use of customer data can create significant barriers, especially for small and medium-sized businesses for which the rules are complicated and expensive.
Friday’s agreement is a first step in reducing those barriers and could lead to a common digital commerce regulation.
The principles cover open digital markets, cross-border data flows, safeguards for workers, consumers and businesses; digital trading systems and fair and inclusive global governance, according to the statement.
“We must address unjustified obstacles to cross-border data flows, while continuing to address privacy, data protection, protection of intellectual property rights and security.”said an annex to the document.
A British official with knowledge of the agreement said: “This agreement is a real breakthrough that is the result of hard diplomatic work.”
While this group is made up of the United States, Japan, Germany, Great Britain, France, Italy and Canada.
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