Earlier this year, at the World Economic Forum Annual Meeting in Switzerland, 76 members of the World Trade Organisation agreed to begin negotiations new international rules in digital trade.
This is a step towards updating international trade rules that we sorely need.
It’s no doubt that a multilateral trading system is crucial in helping reduce barriers, remove red tape and increase global trade, as noted by the Australian Minister for trade, tourism and investment, Simon Birmingham.
While the 76 WTO members issued a joint statement confirming their intention to begin WTO negotiations, what we in the global trade community would like to see is action.
Already there are multiple systems, formats and processes. A unified process and set of rules would create efficiencies, reduce operating costs and accelerate global trade. A global trade digital transformation is what we’d really like to see. We’re looking forward to hearing more about this from the WTO in the coming future.