Digital economy agreements are a new frontier for trade – here’s why
August 24th, 2022 – The Fourth Industrial Revolution has had a profound impact on the way we trade. Digital payments, data flows and digital services have grown rapidly, and emerging technologies such as blockchain, AI and 3D printing could further alter the trade landscape in years to come.
At the same time, the expansion of digital trade faces significant challenges. Digital protectionism is on the rise (see below) and could lead to missed trade opportunities, especially for small and medium-sized enterprises (SMEs). Moreover, the absence of a global digital trade agreement further adds to the coordination challenges between digital economies.
The promise of digital economy agreements
Amid this daunting global trade environment, one glimmer of hope is the emergence of the digital economy agreement (DEA) – where innovative governments are uniting to modernize rules and tackle digital policy fragmentation head-on. DEAs are comprehensive “digital-only” agreements that establish trade rules and facilitate interoperability between two or more digital economies.
https://www.weforum.org/agenda/2022/08/digital-economy-agreements-trade/
Written by World Economic Forum
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