The UK, along with 90 other nations, has entered a global digital trade agreement to make international ecommerce faster, cheaper and more accessible.
The E-Commerce Joint Initiative from the World Trade Organisation (WTO) will commit all participants to digitalise customs processes, in a potential boost for businesses.
This means the end of the numerous print documents and forms required to move goods internationally. Under the new agreement, signatories will recognise e-documents and e-signatures, expanding the ability for UK ecommerce businesses to sell products overseas.
“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,” said Business Secretary Jonathan Reynolds.
“Britain is back and proudly playing her role as an outward-looking trading nation. This is a huge step forward in correcting that and ensuring British businesses feel the benefit.”
The initiative, which comes after five years of negotiations, also commits the participating nations to put in place legal safeguards against digital fraud and deceptive product descriptions.
“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,” said Tech Secretary Peter Kyle.
“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.”
The agreement also simplifies the process for British financial service providers doing business in participating countries.
“We welcome this announcement, which will help make the trade process easier for small, medium and large-sized businesses in the UK by removing paper-based barriers to trade,” said Matt Hammerstein, the head of Barclays UK Corporate Bank.
“Barclays stands ready to play its part in supporting the success of British exports.”