In news- G7 nations recently agreed on a joint set of principles to govern cross-border data use and digital trade.
The deal sets out a middle ground between highly regulated data protection regimes used in European countries and the more open approach of the United States.
Key provisions of the G7 Digital Trade Principles-
- Open Digital Markets: Digital and telecommunications markets should be competitive, transparent, fair, and accessible to international trade and investment.
- Cross Border Data Flows: To harness the opportunities of the digital economy, data should be able to flow freely across borders with trust, including the trust of individuals and businesses.
- Safeguards for Workers, Consumers and Businesses: Labour protections must be in place for workers who are directly engaged in or support digital trade. They have to be provided decent conditions of work.
- Digital Trading Systems: To cut red tape and enable more businesses to trade, governments and industries should drive forward the digitisation of trade-related documents.
- Fair and Inclusive Global Governance: Common rules for digital trade should be agreed upon and upheld at the World Trade Organization (WTO).
- Data Encryption: Businesses should not be required or coerced to transfer technology or provide access to source code or encryption keys as a condition of market access. The governments must retain sufficient flexibility to pursue legitimate regulatory goals, including health and safety.
- G7 stands for “Group of Seven” industrialized nations.
- It used to be known as the G8 (Group of Eight) until 2014 when Russia was excluded because of its annexation of Crimea from Ukraine.
- France, Italy, Japan, the United Kingdom, the United States and West Germany formed the Group of Six in 1975 so that the noncommunist powers could come together to discuss important economic issues, global security etc…
- Canada joined the group in 1976.
- Russia joined in 1998 and signaled a cooperation between East and West after the Soviet Union’s collapse in 1991.
- At present, the group includes the United States, the United Kingdom, Germany, Canada, Japan, France and Italy.
- It is an informal bloc and takes no mandatory decisions, so the leaders’ declarations at the end of the summit are not binding.
- The European Union has been involved in G7 work since 1977, and is represented at the summit by the President of the European Commission and the President of the European Council.
- The member country holding the G7 presidency is responsible for organizing and hosting the year’s summit and generally every member country hosts the summit once every 7 years