Cargo containers with European Union and British flags reflecting Brexit and restrictions in export and import
The United Kingdom’s government body concerned with commerce and industry, ‘Board of Trade’ has with a report begun move to digitalize global trading in a bid to deliver significant opportunities for local businesses, in the process allowing them play their part in empowering economic growth.
The Trade board led by Minister and Secretary of State for International Trade, Anne Marie Trevelyan in the report highlighted the heightening digitalization of global trading deals’ intensity, programmed to play a vital role in having the needed universal rules to accommodate the rise of the digital era and its technologies.
“By addressing digital protectionism on the global stage and championing a free, open, and competitive digital economy, more UK companies will be able to export their innovative, high-quality services and goods globally,” the trade minister said in a statement.
One of the most essential aspects of economic growth that encompasses all European Industries sector is Digital trade, as it addresses the commerce supported by electronic means, whether by telecommunications and/or Information and Communication Technology (ICT) services, digital and data services, while encompassing trade in goods and services.
A government-backed entity entrusted with attracting and enabling exports and inward investments had in October announced that the vision of the UK should be aligned to follow the G7 agreement between nations.
Seven countries had come together in an obvious move to renovate international tax laws, to make an agreement stopping big multinational firms from exploring tax-havens, an alignment seen as a move to weaponize these nations with the needed means to pressure them to pay a certain amount of their incomes to governments.
The Finance chiefs from the seven countries reached a consensus to support a new global minimum tax rate of a minimum of 15 percent for overseas companies, implying that it doesn’t matter where the company’s headquarters are located; it has to submit its taxes.
The implication of the G7 agreement is that Tech giants like Facebook, Amazon and Google, together with various big global enterprises will be obliged to pay more taxes, and they have to fulfil their tax obligations depending on the location of their market, no matter if the company itself has a physical presence in the country.
The G7 nations move to force business titans to pay due taxes will carry out a much larger international unanimity on digital policies and standards.
Provided digital technology increasingly supports trade, Britain will also pursue to reach a Digital Economy Agreement with Singapore, seen as a as a global tech hub in the world. The report further stated that this will help the UK uncover the capabilities of digital trading rules to other countries in the World Trade Organization.
Ayoola Faseyi, an Abuja based Journalist with interest in Technology and Politics. He is a versatile writer with articles in many renowned News Journals.
He is the Co-Founder of media brand, The Vent Republic.
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