Talks on global e-commerce rules reach milestone

WTO initiative set to facilitate digital deals, ease import and export processes

- Ovais Subhani

Five years of negotiations have finally hammered out part of what would be a landmark framework for e-commerce rules that will make the global digital economy more trusted and efficient.

The new deal a World Trade Organisation (WTO) initiative should facilitate digital transactions across many sectors of world trade while making import and export processes simpler and more seamless.

The co-convenors of the WTO's Joint Statement Initiative on Ecommerce (JSI) - Australia, Japan and Singapore - said on Dec 20 that they have reached substantial conclusion on a number of rules covering three broad areas of digital trade: trade facilitation, the open digital environment, and business and consumer trust.

"This marks a significant milestone in the JSI, which commenced negotiations in January 2019," said a statement issued by the three conveners in Geneva, Switzerland.

"We aim to conclude negotiations in a timely manner in 2024." The world's three largest economies - the United States, the European Union and China - also participated in the talks.

The 164-member WTO is the only international body that deals with the rules of trade between nations so that producers of goods and services, exporters and importers can conduct business within a globally recognised and enforceable legal framework.

The JSI was launched in 2017 by 71 WTO members that agreed to initiate work on aspects of ecommerce.