WTO members signal progress on draft e-commerce deal

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WTO members signal progress on draft e-commerce deal - Economic Times

Quick Summary:

A tariff-free global internet has been the key to the success not just of US tech giants like Amazon.com Inc.and Netflix Inc., but also the growing number of traditional firms that collect data and conduct e-commerce in foreign markets.

About half of the World Trade Organisation’s members reached a preliminary deal on e-commerce that would permanently ban tariffs on digital transactions that are zipping across borders at twice the growth rate of physical merchandise.

The US called it an important step, but one that needs more work.“As the United States has repeatedly communicated to the co-conveners and participants, the current text falls short and more work is needed, including with respect to the essential security exception,” Maria Pagan, the Biden administration’s representative at the WTO, said in a statement.