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Some 80 nations including Saudi Arabia reached on Friday an agreement on rules regulating global e-commerce, including the recognition of e-signatures and protection against online fraud, Arab News reports. A statement by the World Trade Organization said participants agreed on a preliminary “stabilized text” after five years of talks about what could become the first global digital trade agreement.
The goal: To make e-commerce faster, more affordable, and more secure on a global scale while reducing barriers, according to a statement by the UK Department for Business and Trade.
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The provisions include the recognition of e-signatures and e-documents, protection against online fraud and misleading claims, digitalization of customs documents and processes, limitations on spam, protections for personal data, and support for least-developed countries, a the text of the agreement (pdf) shows.
BACKGROUND- Australia, Japan, and Singapore led the talks, which both the European Union and China have hailed as “historic” and “groundbreaking.”
No US backing just yet: The US said while the text was a positive step, more is needed to be done, including wording about exceptions for security interests, according to Reuters. “We look forward to working with interested members in finding solutions to all remaining issues and moving the negotiation to a timely conclusion,” US WTO ambassador Maria Pagan said. Others including Brazil, Indonesia, and Turkey also had minor reservations over the text, a trade source told Reuters.
BUT, but, but… The agreement among the 80 members won’t become a full WTO pact unless all members of the UN trade body sign on.
