LONDON :The Group of Seven wealthy nations agreed on principles to govern cross-border data use and digital trade, Britain said in what was described as a breakthrough that could liberalise hundreds of billions of dollars of international commerce.The deal sets out a middle ground between highly regulated data protection regimes used in European countries and the more open approach of the United States.
Digital trade is broadly defined as trade in goods and services that is either enabled or delivered digitally, encompassing activities from the distribution of films and TV to professional services. But differing rules governing the use of customer data can create significant barriers, particularly for small and medium-sized businesses for whom compliance is complicated and costly.
The principles covered open digital markets; cross border data flows; safeguards for workers, consumers, and businesses; digital trading systems; and fair and inclusive global governance, the communique said .
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