IN LONDON: The EU’s Commissioner for Trade and Economic Security Maroš Šefčovič and Canada’s Minister for International Trade Maninder Sighu are negotiating for an EU-Canada Digital Trade Agreement.
Building on the implementation of the EU-Canada Comprehensive Economic and Trade Agreement, the new deal will upgrade EU-Canada trade by making it easier and safer for businesses to trade digitally across borders and providing stronger protections for consumers online.
Both nations are committed to secure, open and rules-based trade, as well as strengthen and diversify trade with like-minded partners.
The European Commission says the agreement is expected to set clear, predictable rules for businesses and consumers engaged in digital trade, while ensuring that the EU and Canada retain the right to develop and implement policies addressing new digital economy challenges.
Digital trade is growing in size and important, with over 60% of global gross domestic product linked to digital transactions. According to the commission, the EU is the world’s leading exporter and importer of digitally deliverable services.
As of 2023, 54% of the EU’s service trade was conducted digitally, amounting to €670 billion in imports and €661 billion in exports from outside the EU. This includes telecommunication services, computer and information services, and other services that are typically delivered digitally.
In Canada, digitally delivered service exports have grown over the past decade, reflecting rising global demand for highly skilled, knowledge-intensive activities, as reported by Export Development Canada.
As of 2024, Canada’s digitally delivered services account for 56% of all services exports worldwide, according to the World Trade Organization.
Write to Aaliyah Rogan at Mining.com.au
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