Digitrade Digest #53
US discusses IPEF with South Korea, Australia and India discusses digital trade agreement....
IPEF
S. Korean trade chief meets U.S. envoy over IPEF, steel tariffs
A: During the meeting in Seoul, Yeo told Del Corso that South Korea welcomed Washington's plan to launch the Indo-Pacific Economic Framework (IPEF) at a time when enhanced regional cooperation is needed for a global economic recovery in the post-pandemic era.
South Korea has had active consultations with countries in the region about the issue, as well as with related domestic entities and private sectors, Yeo added.
The Seoul government has said it is positively reviewing joining the agreement, which the Joe Biden administration has sought to launch for deeper cooperation with partner nations in the Asian region on digital trade, supply chains and other major emerging trade issues amid an intensifying Sino-U.S. rivalry.
S. Korea to set up task force on new US-led economic framework
TheKoreaHerald: South Korea will set up a task force to deal with its potential participation in a US-led economic framework, as the United States has accelerated preparations to launch the Indo-Pacific Economic Framework (IPEF), Seoul's trade ministry said Wednesday.
The Joe Biden administration has sought to launch the IPEF for deeper cooperation with partner nations in the Asia-Pacific region on digital trade, supply chains and other major emerging trade issues amid an intensifying Sino-US rivalry.
The Seoul government is positively reviewing participation in the IPEF and has had consultations with concerned nations, while assessing its potential impact on domestic companies and the broader economy, according to the Ministry of Trade, Industry and Energy.
As related discussions have picked up pace in Washington and elsewhere recently, the Seoul government decided to set up a new task force under the trade ministry, which will focus on four major parts of the envisioned framework -- fair and resilient trade, supply chains, clean energy and anti-corruption, it added.
"Now is high time to enhance cooperation among regional partners in such new trade fields as supply chains and digital," Trade Minister Yeo Han-koo said while presiding over the trade promotion committee meeting.
He added that the framework would help ensure stable supply chains and create new business opportunities.
The US and 15 Asia-Pacific nations, including South Korea, Japan, India and the ASEAN nations, account for 33 percent of the world's total population, 41 percent of global gross domestic product (GDP) and 28 percent of the world's total trade volume, according to government data.
PH, US to strengthen economic partnership
The Manila Times: THE Philippines and the United States have agreed to further deepen their economic partnership, the Department of Trade and Industry (DTI) said.
In a statement on Monday, DTI said that Trade Secretary Ramon Lopez and US Trade Representative Ambassador Katherine Tai held a bilateral meeting to discuss trade and investment issues, sectoral and industrial cooperation, and the trajectory of the Philippine-US economic relations during the Philippine trade delegation's official trip to Washington, D.C.
During the meeting, Lopez disclosed the Philippines' interest to join the Indo-Pacific Economic Framework (IPEF) initiative of the US.
The IPEF is the proposed vehicle for strengthened US economic engagement in the Indo-Pacific region, seeking to operationalize shared objectives around trade facilitation, standards for the digital economy and technology, supply chain resiliency, decarbonization and clean energy, infrastructure, worker standards and other areas of shared interest.
"In terms of the objectives of the IPEF, advancing resilience, inclusiveness and competitiveness are aligned with the Philippines' offensive interests," said Lopez.
Australia
Australia hopes digital trade agreement with India by the year-end
BusinessStandard: Australia expects to sign a Comprehensive Economic Cooperation Agreement (CEPA) with India by the year-end, which will include a deal on digital trade that it said will further facilitate bilateral trade.
“Australia will also seek improved access for service suppliers, and modern investor protections to increase investor confidence and drive investment, with appropriate safeguards for governments’ rights to regulate. An agreement could facilitate digital trade by including modern and forward-looking rules which support the use of digital tools to enable trade,” according to the Australian government’s India Economic Strategy to 2035 update.
The outbreak of the global pandemic has impacted Australia’s investment in India to a degree consistent with trends elsewhere in Asia. However, the total Australian investment stock in 2020 was comparable to 2018 levels, and over the five years to 2019 had a trend of 15.1 per cent growth, the update said.
The report provides a five-year action plan to the Australian government to accelerate economic integration between India and Australia. Energy, tourism, education, and health are some of the key sectors mentioned in the document — India Economic Strategy to 2035 — that was first released in 2018.
UNCTAD
Time for a new digital and data governance path, eCommerce Week highlights
UNCTAD: Surging cross-border data flows require a balanced global governance approach that maximizes development gains, spreads the benefits equitably and minimizes the risks and harms.
“Governance is what will determine the outcome of digital transformation,” UNCTAD Secretary-General Rebeca Grynspan said on 25 April at a high-level session of the organization’s eCommerce Week 2022.
The event that runs from 25 to 29 April has brought together UN experts, government officials, business leaders, civil society representatives and academics to find innovative solutions to ensure digitalization leads to more inclusive and sustainable development.
Ms. Grynspan said governance should help ensure data can be harnessed to deal with climate change, pandemics, productivity and urban planning, while protecting the privacy of users and national security and ensuring the benefits from data are shared more equitably.
Global internet protocol traffic – a proxy for data flows – has more than tripled since 2017, according to UNCTAD’s Digital Economy Report 2021. But just two countries – China and the US – are reaping most of the benefits, accounting for 50% of the world’s hyperscale data centres.
Meanwhile, nearly 3 billion people remain offline, 96% of whom live in developing countries.
The UN can help accelerate progress in this area, Ms. Grynspan said, by coordinating its various data-related activities and building links to other processes and initiatives led by civil society, academia and the private sector.
“It is more important than ever that we bring great minds from all stakeholders together,” she said.