A new digital trading strategy will “reduce costs” and “cut red tape” for British businesses, it has been announced.
The Department for International Trade (DIT) said the plans, announced during London Tech Week, will break down barriers and create new opportunities.
According to the report, digital trade was worth approximately £326 billion in 2019, while the digital sector alone contributed £150.6 billion to the UK economy – employing 4.6 per cent of the UK workforce.
But a significant number of businesses currently face barriers that “restrict their ability to benefit from digital technology” or meet “unjustified requirements to localise data or disclose their intellectual property”, such as source code.
The Government said the new five-point plan for establishing a free and fair digital trade landscape will help UK businesses “thrive”.
The proposals will also support consumers by introducing new data protection safeguards, the report adds.
Commenting on the strategy, International Trade Secretary Anne-Marie Trevelyan said: “All of us depend on digital trade, yet British businesses face digital barriers in countries who take a protectionist approach. I want the UK to break down these barriers and open up new, exciting opportunities for businesses and consumers so we can see improved productivity, jobs and growth.
“Our five-point plan is the first step in shaping international digital trade policy for decades to come. Through our network of international agreements, we are breaking new ground, pushing forward innovative ideas and setting a new gold standard for digital trade.”
London Tech Week launched today, Monday 20 September 2021. The week-long event celebrates the best of British tech and innovation.
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