WTO Start Negotiations on E-Commerce
E-commerce, which developed largely after the WTO’s creation in 1995, has recently been skyrocketing. At the World Economic Forum in Davos, 76 partners – the European Union and 48 other members of the World Trade Organisation (WTO) – decided to start negotiations to put in place global rules on e-commerce. The move aims to enhance the benefits of e-commerce for all businesses and consumers across the globe.
E-commerce, or online trade in goods and services, has become a huge component of the global economy. According to WTO report put the total value of e-commerce in 2016 at $27.7 trillion, of which nearly $24 trillion was business-to-business transactions.
“The current WTO rules don’t match the needs of the 21st century. You can tell that from the fact there are no solid rules on e-commerce,” Japan’s trade minister Hiroshige Seko told reporters in Davos.