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UK sets out plans to boost global digital trade By Reuters

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

LONDON (Reuters) – Improving digital trade would supply big alternatives for British companies and assist boost financial progress, the federal government’s Board of Trade mentioned, setting out the way it goals to change into a world chief in trendy providers and on-line items.

In a report on digital trade to be printed on Friday, the board, headed by trade minister Anne-Marie Trevelyan, mentioned the federal government ought to look to strike digital trade offers and assist form global trade guidelines appropriate for the fashionable world.

“By addressing digital protectionism on the global stage and championing a free, open, and competitive digital economy, more UK companies will be able to export their innovative, high-quality services and goods globally,” Trevelyan mentioned in a press release.

In October, Britain helped dealer a deal between the Group of Seven rich nations on rules to govern cross-border knowledge use and digital trade in a primary step to lowering obstacles.

The Board of Trade, a authorities physique tasked with championing exports and inward funding, mentioned Britain ought to goal to construct on the G7 settlement by working with companions to pursue a wider worldwide consensus on digital guidelines, norms and requirements.

Digital trade is broadly outlined as trade in items and providers that’s both enabled or delivered digitally, encompassing actions from the distribution of movies and TV to skilled providers.

The report mentioned Britain ought to focus notably on securing Free Trade Agreements with the fast-growing Indo-Pacific market and enormous, service-based economies, in addition to quickly progressing the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

It also needs to search a Digital Economy Agreement with Singapore, considered as a global chief on digital, so as to exhibit the potential for digital trade guidelines to others within the World Trade Organization, it mentioned.

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