Global trade to go digital as UK and 90 other countries agree paperless switch
26 July 2024, 10:04
The new global digital trade agreement could boost UK GDP by more than £24 billion, the Government has said.
The UK has joined nearly 100 other countries in agreeing to use new digital customs systems which could save billions of pounds and streamline international trade.
Niniety-one nations have agreed the E-commerce Joint Initiative at the World Trade Organisation (WTO), which commits countries to digitising customs documents and processes – meaning printing off, filling in by hand and handing in forms at customs points will no longer be required.
The new agreement will also see nations use and accept digital forms and e-signatures, reducing the need for businesses to physically sign contracts and post them around the world.
The Government said the new system, once fully implemented around the world, could help boost UK GDP by as much as £24.2 billion – and even partial adoption could spark a significant boost to the economy.
It said the move to digital would also make global trade faster, fairer, cheaper and more secure.
Business and Trade Secretary Jonathan Reynolds said: “We are proud to play our part in securing the first ever global digital trade agreement, cutting costs for business and delivering on this government’s ambition to deliver economic growth.”
“Britain is back and proudly playing her role as an outward looking trading nation. Global digital trade is already estimated by the OECD to be worth around £4 trillion and counting but no common set of global rules exist. This is a huge step forward in correcting that and ensuring British businesses feel the benefit.”
Science and Technology Secretary Peter Kyle said: “This global agreement aims to help people use technology safely by protecting them from fraud, while driving economic growth through the digitalisation of trade so it’s faster and more secure.”
“We will leave no stone unturned in our work to share the benefits of technology and drive economic growth by working with partners around the world to achieve this.”
