Fintech Insights: WTO Global Trade Agreement to Facilitate Cross-border Digital Trade

August 2024
Fintech & Payments

The first ever global digital trade agreement has been reached, signed by 91 countries, after five years of negotiations at the WTO (World Trade Organization).

In a significant move set to modernise digital trade worldwide, an agreement led by Japan, Australia, and Singapore has been signed by 91 countries, which together accounts for over 90% of global trade, according to the WTO. This promotes interoperability from a regulatory standpoint; streamlining the ease of conducting cross-border transactions. In order to future-proof this legislation, it is set to be reviewed every two years to adjust to rapidly evolving digital technologies.

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