G7 countries reach a breakthrough on digital trade and data

G7 or the Group of Seven wealthy nations on October 22 reached a breakthrough on a joint set of principles to govern cross-border data use and digital trade. The principles named ‘G7 Digital Trade Principles’, were adopted by the respective Trade Ministers of G7 during the G7 Trade Summit, held at Mansion House, in London.

Trade ministers of the seven countries, who met in London, arrived at a consensus on the ‘G7 Digital Trade Principles’. In a statement issued following the meeting, concerns were marked over domestic policies related to data encryption and data localization.

G7 countries have introduced a Global Minimum Corporate Tax rate of at least 15% on Multinational Companies (MNCs). Members US, UK, France, Germany, Italy, Canada, and Japan and EU.