HOW WORLD TRADE ORGANIZATION CAN PREPARE FOR THE DIGITAL ECONOMY.
Introduction
The way people run their businesses has evolved to accommodate the increasing sophistication
of modern technologiesi. No longer is it necessary for businesspeople to uproot their lives in
order to travel to a different country. Because of technological advancements, nowadays people
may do international business from the comfort of their own homes without ever leaving their
rooms. All they need to do is make an online connection with other stakeholders in another
country. The difficulty with this is that it makes regulation of the trade difficult, and it also
makes it more likely that the trade itself is illegal. The internet has shrunk the world into a
global village, where people from all over the globe can conduct business with one another
without leaving their homes. Information gleaned from technological advancements may also
helpful advice and inform business owners and managers. The internet has also promoted
fraudsters from different parts of the world and they can be able to steal from people that is why
the trade will need to be regulated by all means. Without the regulation, the fraudsters will be too
many and the world economy will have no meaning to the people. This paper will look at how
the WTO can prepare for a digital economy and what measures can they take to ensure that trade
is running smoothly. It is true that trade is really growing and everything will go online therefore
the WTO will not have any right of stopping but preparing on how to make it more meaningful.
How to prepare for digital economy
As far as technology will continue to advance, the digital economy will be here to stay ii. The
following are the means that the organization can prepare through.
, Digital standards
This is the aim that asserts that there is a requirement for changes to be made to the legislation,
technology, and data protection. The World Trade Organization need to reexamine this matter
since the present state of the digital economy is not promising. The primary reason for this is that
everything is extremely different. It is essential to draft a single legislation that is capable of
controlling all of the actions that take place within the digital economy. Create a single
international law that governs all parts of the digital domain, from hardware to services,
including those that are delivered through the internet, and do it under a unified framework. The
progression of the legal system is not keeping pace with the lightning-fast advancement of digital
instruments1. Standardization is required for the process of digitizing legal documents2. For
instance, if it is the regulations that have to do with the costs of transactions, then those charges
should be the same across all countries. This would help lessen the problems of theft and money
laundering. Fraudsters have access to a very broad platform thanks to the digital platform, and if
the WTO is successful in standardizing the regulations, then it will be much simpler for them to
do their crimes. The WTO will soon have new copyright regulations that are harmonized, which
will ensure that consumers and companies alike will have the freedom to freely exchange and
utilize digital works.
Another aspect that has to be standardized is making sure that people and things are able to move
freely across the boundaries of each and every country. When individuals do their business
online, they will often request that the items they have purchased be sent to their home country
for delivery3. However, while they are waiting for the things, the merchandise may reach a
nation
1 Attaran, (2021).
2 Francone et al., (2020).
3 Chang and Meyerhoefer, (2021).
Introduction
The way people run their businesses has evolved to accommodate the increasing sophistication
of modern technologiesi. No longer is it necessary for businesspeople to uproot their lives in
order to travel to a different country. Because of technological advancements, nowadays people
may do international business from the comfort of their own homes without ever leaving their
rooms. All they need to do is make an online connection with other stakeholders in another
country. The difficulty with this is that it makes regulation of the trade difficult, and it also
makes it more likely that the trade itself is illegal. The internet has shrunk the world into a
global village, where people from all over the globe can conduct business with one another
without leaving their homes. Information gleaned from technological advancements may also
helpful advice and inform business owners and managers. The internet has also promoted
fraudsters from different parts of the world and they can be able to steal from people that is why
the trade will need to be regulated by all means. Without the regulation, the fraudsters will be too
many and the world economy will have no meaning to the people. This paper will look at how
the WTO can prepare for a digital economy and what measures can they take to ensure that trade
is running smoothly. It is true that trade is really growing and everything will go online therefore
the WTO will not have any right of stopping but preparing on how to make it more meaningful.
How to prepare for digital economy
As far as technology will continue to advance, the digital economy will be here to stay ii. The
following are the means that the organization can prepare through.
, Digital standards
This is the aim that asserts that there is a requirement for changes to be made to the legislation,
technology, and data protection. The World Trade Organization need to reexamine this matter
since the present state of the digital economy is not promising. The primary reason for this is that
everything is extremely different. It is essential to draft a single legislation that is capable of
controlling all of the actions that take place within the digital economy. Create a single
international law that governs all parts of the digital domain, from hardware to services,
including those that are delivered through the internet, and do it under a unified framework. The
progression of the legal system is not keeping pace with the lightning-fast advancement of digital
instruments1. Standardization is required for the process of digitizing legal documents2. For
instance, if it is the regulations that have to do with the costs of transactions, then those charges
should be the same across all countries. This would help lessen the problems of theft and money
laundering. Fraudsters have access to a very broad platform thanks to the digital platform, and if
the WTO is successful in standardizing the regulations, then it will be much simpler for them to
do their crimes. The WTO will soon have new copyright regulations that are harmonized, which
will ensure that consumers and companies alike will have the freedom to freely exchange and
utilize digital works.
Another aspect that has to be standardized is making sure that people and things are able to move
freely across the boundaries of each and every country. When individuals do their business
online, they will often request that the items they have purchased be sent to their home country
for delivery3. However, while they are waiting for the things, the merchandise may reach a
nation
1 Attaran, (2021).
2 Francone et al., (2020).
3 Chang and Meyerhoefer, (2021).
