Ultra Information Solutions’ Post

𝐖𝐓𝐎 𝐌𝐞𝐦𝐛𝐞𝐫𝐬 𝐀𝐝𝐯𝐚𝐧𝐜𝐞 𝐓𝐨𝐰𝐚𝐫𝐝𝐬 𝐏𝐞𝐫𝐦𝐚𝐧𝐞𝐧𝐭 𝐄-𝐂𝐨𝐦𝐦𝐞𝐫𝐜𝐞 𝐓𝐚𝐫𝐢𝐟𝐟 𝐁𝐚𝐧 About half of the World Trade Organization (WTO) members, including the US, China, Japan, the UK, and EU nations, reached a preliminary deal on e-commerce to permanently ban tariffs on digital transactions. The digital trade sector, worth about $4 trillion, benefits from such policies. However, countries like India and South Africa did not join, expressing concerns about the rules favoring wealthier nations. The US signaled that the agreement needs more work, especially regarding security exceptions. This deal aims to settle digital trade issues without the need for continual renewal. report: https://lnkd.in/e6ZVUirr CC: Bloomberg, Brendan Murray #ecommerce #trade #b2b #ecommercesolutions #digitalcommerce #digitaltransformation #business #d2c #onlineretail #retail

Navigating the Digital Seas: Enhancing Integrity in Global Trade In our increasingly connected world, the digital revolution has transformed the landscape of international trade, offering unprecedented opportunities for businesses to reach global markets with ease and efficiency. However, this digital expansion comes with its own set of challenges, notably the rise in fraud and scams that can undermine the trust and integrity of global commerce. Recent discussions around companies like Temu and Shein highlight a critical aspect of this transformation. These e-commerce giants have leveraged the de minimis provision, which allows low-value shipments to enter the US with minimal taxation and oversight, to scale their operations massively. While this model has democratized access to global goods for consumers, it also raises significant concerns about market fairness, product safety, and the potential for abuse The situation calls for a balanced approach that safeguards the benefits of digital trade while addressing its vulnerabilities. Here are a few solutions that can help enhance the integrity of global trade 1 Strengthening Regulatory Frameworks: Updating international trade regulations to reflect the realities of digital commerce is crucial. This includes revisiting policies like the de minimis rule to ensure they serve their intended purpose without opening loopholes for exploitation. 2 Enhancing Transparency and Accountability: Implementing more stringent requirements for online retailers regarding product sourcing, quality control, and supply chain disclosures can help protect consumers and legitimate businesses alike. 3 Leveraging Technology for Compliance and Monitoring: Advanced technologies like blockchain and AI can offer robust tools for tracking goods, verifying compliance, and detecting fraudulent activities. By embracing these technologies, we can create a more secure and transparent global trade ecosystem. 4 Fostering International Cooperation: Fraud and scams are global issues that require a coordinated international response. Strengthening partnerships and sharing best practices among countries can enhance the effectiveness of regulatory efforts. 5 Empowering Consumers with Information: Educating consumers about the potential risks associated with international online purchases can encourage more informed buying decisions and put pressure on platforms to uphold high standards As we continue to navigate the complexities of the digital world, our focus must remain on creating a trade environment that is not only open and accessible but also secure, fair, and responsible. By taking collective action to address these challenges, we can ensure that the benefits of digital trade are enjoyed widely, without compromising the integrity of our global marketplaces. #DigitalTrade #GlobalCommerce #RegulatoryInnovation #TechForGood https://lnkd.in/eQ3Mppu5

📈 Did you know that the value of digitally delivered services hit a staggering US$3.82 trillion in 2022? What's next for this dynamic landscape? Find out what unfolded at the Thirteenth WTO Ministerial Conference, where the fate of the e-commerce moratorium hung in the balance. ➡️ Read the full article for a deep dive into the challenges, potential implications, and alternative revenue options shaping the future of digital trade: https://lnkd.in/ebbMceTm #DigitalTrade #InternationalTrade #FITT #eCommerce #moratorium

The Department for Business and Trade has announced that the UK is among 91 countries which have signed a #digitaltrade agreement through the World Trade Organization. The E-Commerce Trade Commission has welcomed this news, with Marco Forgione MCIEx, chair of the commission, commenting on the announcement: “As chair of the UK’s E-Commerce Trade Commission, created to encourage and support businesses to trade and export online, we know the power that digital trade has to transform the global trade landscape, saving time, money and reducing friction at the border.” Read the full press release from DBT below. 👇 #ecommercetrade #ecommerce

A tariff-free global internet has been the key to the success not just of US tech giants like Amazon and Netflix, but also the growing number of traditional firms that collect data and conduct e-commerce in foreign markets. Customs duties on electronic transmissions aren’t currently allowed under a moratorium that the WTO extended by consensus for two years at their ministerial meeting in March. But it’s raised concerns in some countries about privacy, the market dominance of Big Tech, cyber vulnerabilities and national security threats. The OECD estimated digital trade — defined as “all international trade transactions that are digitally ordered and/or digitally delivered” — is worth about $4 trillion, about half of all global services exports. Absent from the list released on Friday were South Africa and India, two countries that have raised concerns in the past about rules designed to benefit wealthy nations over poorer ones. #tradeagreement #tariff #customsduty #digitalproduct #digitalservice #onlinebusiness #businessstrategy #marketdevelopment #businessstrategy

The Biden-Harris Administration is addressing the increased abuse of the de minimis exemption, particularly from China-founded e-commerce platforms, and intensifying efforts to target and block shipments that violate U.S. laws, as the number of shipments entering the country has risen from 140 million to over one billion annually. https://lnkd.in/eRGzdWDp #UnitInternational #SupplyChain

🚀 UK Joins Global Digital Trade Agreement 🌍 Great news! The UK has joined the first-ever global digital trade agreement under the WTO, alongside 90 countries. This is a monumental step towards modernising international trade. Here’s what it means: Key Points: 📉 No Customs Duties on Digital Content: This will lower costs for UK businesses, making digital trade more affordable. 📑 Digital Customs Documents: The shift from paper to digital will make trade faster, cheaper, and more efficient, eliminating outdated processes. ✍️ E-Documents and E-Signatures: Businesses can now use electronic documents and signatures, simplifying international transactions and enhancing security. 🛡️ Protection Against Online Fraud: Legal safeguards will protect consumers from online fraud, ensuring safer online shopping experiences. Impact: 💷 Economic Boost: The adoption of advanced digital trading systems could increase UK GDP by up to £24.2 billion, driving substantial economic growth. 📈 Business Growth: Streamlined trade processes will reduce friction and costs, fostering innovation and competitiveness. 🌐 Global Leadership: By leading in digital trade innovation, the UK positions itself at the forefront of the global economy, setting standards for others to follow. This agreement marks a significant stride towards a more connected, efficient, and secure global trade environment. Let’s embrace the opportunities it brings and drive economic growth through innovation! #DigitalTrade #UKTrade #GlobalEconomy #Innovation #EconomicGrowth #WTO #Bytestock https://lnkd.in/e9Zy-FZh

On July 30, Bloomberg reported that after five years of negotiations, about half of the World Trade Organization (WTO) members reached a preliminary agreement on e-commerce to permanently ban tariffs on digital transactions that are zipping across borders at twice the growth rate of physical merchandise. Japan, Australia and Singapore, which co-convened the talks, released the text agreed to by the 91 countries and regions participating in the WTO's e-commerce rulemaking initiative.   The agreement also covers cybersecurity, transitioning to electronic trade documents, and improving regulatory transparency. Members look to handle other outstanding issues, such as barring governments from requiring companies to store data domestically or turn over source code, in future negotiations. No countries currently impose duties on international electronic transmissions, and all WTO members have signed on to a moratorium on such tariffs. The Singaporean newspaper, Lianhe Zaobao, described this development as a "significant milestone" in global e-commerce negotiations. #ecommerce #tariffs #WTO #duty #digitaltrade #crossborder #logistics #news #customs #logisticssoftware #logisticsmanagement #logisticssystem #collaboration #ecommercelogistics #3pl #freightforwarder #WallTech #eTower #CargoWare

The #ecommerce moratorium is back on the agenda next month at the World Trade Organization's #MC13. If not extended, it expires. As Hildegunn Nordas argued prior to MC12, updating the WTO rulebook for a digital economy is critical. In the meantime, the moratorium should stay. https://lnkd.in/dFQH7Snt