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Past precedent and future opportunities
Past precedent and future opportunities: assessing digital trade provisions for the UK FPS sector intends to inform and support HMG policymaking by providing a financial and professional services (FPS) view on best practice for digital trade provisions in trade agreements. It represents the beginning of a conversation in this frontier policy area to inspire further thinking.
Innovations in digital technologies are transforming and increasing trade in goods and services across all sectors, with connectivity being the new baseline for participation in the global economic system. This increase in digitalisation has made it easier for FPS firms to engage in digital trade. This raises a whole set of new challenges, including how this trade is regulated. One issue is whether the current trade rules adequately address trade in the digital age.
The UK is establishing itself on the world stage in the post-Brexit era and forging new trade deals. It is imperative that the importance of digital trade, both at present and in the future, is recognised. This paper looks at past precedents in digital trade provisions in a bid to highlight best practice. It argues that the UK should pursue a forward-looking and modern agenda using all the mechanisms at its disposal. This will support the UK to forge its way as a leader in digital trade.