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76 WTO members pushing for new e-commerce rules

January 27, 2019 / thehansindia
SHARESHARESHARE

Impatient with a lack of World Trade Organization rules on the explosive growth of e-commerce, 76 members - including the United States, China, the European Union and Japan - agreed on Friday to start negotiating a new framework.China, which is locked in a trade war with the United States, signaled conditional support for the initiative but said it should also take into account the needs of developing countries, in comments likely to rile Washington.E-commerce, or online trade in goods and services, has become a huge component of the global economy. A WTO report put the total value of e-commerce in 2016 at USD 27.7 trillion, of which nearly USD 24 trillion was business-to-business transactions.On the sidelines of the World Economic Forum in Davos, negotiators from the 76 countries and regions agreed on Friday to hammer out an agenda for negotiations they hope to kick off this year on setting new e-commerce rules.