Australia’s leadership at the World Trade Organization has secured a pathway for the first set of digital trade rules with global reach.
Australia, together with Japan and Singapore, led 66 WTO Members to adopt an interim WTO E-Commerce Agreement, to make digital trade faster, cheaper and more secure.
All modern trade is digital and a global set of digital trade rules will deliver practical improvements to lower costs and make it easier for exporters to do business.
The E-Commerce Agreement will streamline processes and reduce costs in contracts, invoicing and payments conducted around the world.
Digital transactions account for over 60% of global GDP and the WTO Members adopting the Agreement cover approximately 70% of world trade.
The Agreement will also provide a platform for global cooperation in areas like privacy and cyber security, making global online marketplaces safer and simpler and will support the development of more effective regulations to protect consumers and personal data online.
Small businesses and sole traders in remote and rural areas are often disproportionately impacted by cross-border regulatory barriers. They particularly stand to benefit from this agreement and will be able to access new global markets more easily, safely and securely.
It will also support developing countries to share fully in the benefits of the digital economy and bolster stability and predictability for businesses and consumers around the world.
Quotes attributable to the Assistant Minister for Foreign Affairs and Trade, Matt Thistlethwaite:
"The Agreement we are announcing today will deliver tangible benefits for Australian businesses and consumers.
"It will boost productivity and growth, reduce costs, deliver easier access to global markets for Australian businesses and provide safer and more secure online marketplaces.
"It will ease the tyranny of distance that has often hampered Australia’s remote and regional businesses. It’s a game changer for Australian businesses, workers and consumers across sectors.
"This Agreement demonstrates the WTO’s crucial, ongoing role in setting rules for global trade and we look forward to seeing it incorporated into the WTO framework."
Quotes attributable to President of the Australian Services Roundtable, Holly Dorber:
"I congratulate the Government on its leadership in advancing digital trade.
"This Agreement is an important step in strengthening services exports, supporting micro and SME participation in global commerce and lifting long-term productivity.
"By securing core principles for digital trade and promoting regulatory alignment across borders, Australia is well positioned to capture the trade and productivity benefits of a more modern global framework."