A group of 66 member countries of the World Trade Organization (WTO) agreed on March 28 to a provisional pathway for the Global Agreement on Electronic Commerce, which is currently 70 % complete.

The decision was announced in a statement during the 14th WTO Ministerial Conference (MC14), held in Yaoundé. In this regard, the provisional agreements “will facilitate the entry into force of the Agreement on Electronic Commerce while work continues on its formal incorporation into the WTO legal framework, a process that requires the full consensus of all Members of the organization.”

The initiative was supported by Australia, Japan, Singapore, Canada, China, the United Kingdom, Switzerland, the United Arab Emirates, Costa Rica, Peru, the Philippines, Mauritius, Gambia, the European Union — which participates as a WTO Member — and Argentina, along with other participants in the plurilateral initiative.

The WTO stated that “the Agreement on Electronic Commerce establishes rules that legally recognize digital transactions, facilitate paperless electronic trade and payments, promote interoperability and digital trust, and seek to expand the participation of developing countries in the digital economy.”

The agreement will enter into force for WTO members that complete their internal procedures. After this process, and once ratified by at least 45 countries, “it will begin to be effectively implemented, benefiting businesses, consumers, and developing economies.”

M.Pino

Source: aduananews

(Reference image source: Jakub Żerdzicki on Unsplash)

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The governments of China and the United States announced an agreement on Monday to pause the application of reciprocal tariffs for 90 days, following a meeting in Geneva over the weekend.

Under this agreement, Beijing will reduce tariffs on US products from 125 % to 10 %. For its part, Washington will do the same, reducing tariffs on Chinese goods from 145 % to 30 %.

The decision was announced in a joint statement following the first round of negotiations between the two nations, which committed to maintaining ongoing dialogue, including regular and emergency meetings on bilateral trade.

The results of this first meeting between China and the United States were praised by World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala.

M.Pino

Source: infobae

(Reference image source: PortCalls Asia on Unsplash)

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