Digital trade deal hailed as big win for business

01 Aug 2024

The UK's decision to join a global digital trade agreement negotiated under the World Trade Organisation (WTO) has been hailed as a 'big win for business' by the British Chambers of Commerce (BCC).

The UK, along with 90 other countries, has finalised the E-Commerce Joint Initiative which claims to make trade faster, cheaper, fairer and more secure. 

The agreement will commit all participants to the digitalisation of customs documents and processes. This will, in many cases, end the need to print forms and hand them over at customs. 

The signatories also commit to recognising e-documents and e-signatures, reducing the need for businesses to physically sign contracts and post them around the world.

William Bain, Head of Trade Policy at the BCC, said: 'This deal between the UK and 90 of its global trading partners is good news for business.

'It will boost digitalisation of trade documents across the globe and means British companies sending out electronic services, such as reports by email, won't face customs charges or related costs.? 

'To get the most out of this opportunity we need to ensure our borders are digital, alongside simpler customs and electronic documentation processes.? 

'Extending the benefits of digital trade globally is a win-win for developed and developing countries alike. This is a highly positive announcement showing how important boosting levels of trade will be to the UK's economic growth.'