London The seven largest Western industrialized nations (G7) have agreed on common rules for digital commerce. The British presidency of the Group of Seven said, on Friday, following a meeting of trade ministers in London, that a breakthrough could lead to the liberation of deals worth hundreds of billions of pounds.
The agreement is a compromise between the strict data protection of European countries and the more open approach of the USA. Among other things, it concerns the principles of cross-border data movement, protection of employees and consumers, and digital commerce systems.
The G7 has rejected digital protectionism and authoritarianism, according to the statement released by the United Kingdom. In a supplementary document, the G7 wrote: “We must address unjustified obstacles to cross-border data flow, while continuing to pay attention to data protection, privacy and intellectual property protection, and security.”
A British government official said the digital trade deal was the result of hard diplomatic work. “For years, the rules of the game around the world have been like the Wild West.” This made it difficult for companies to take advantage of the huge opportunities that were presented.
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On behalf of Germany, Federal Minister of Economy Peter Altmaier participated in the meeting. After Great Britain, Germany will take over the G7 presidency in 2022.
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