The UK’s Department of International Trade (DIT) has recently published its negotiating objectives in regards to the upcoming free trade talks it will do with the US. As it stands now, the trade negotiators of the UK are making plans to influence the global regulation on blockchain technology with the new talks.
Trade Provisions Focused On Favorable Digital Trade
The DIT made it clear that both the opportunity and the plan in question is clear and straightforward. Through its action plan, all 184 pages of it, that was posted on the 2nd of March, the post-Brexit trade broker of the UK will strive to deliver favorable terms in terms of digital trading. These terms will focus primarily to benefit small to mid-sized businesses, with those on blockchain networks included.
The document explained that the UK would be capable of shaping global rules through its ambitious trade provisions. In particular, they could help shape the way blockchain, data flows, quantum technology, and even driverless cars will play in the society of tomorrow.
The Many Benefits of DLT
The document itself failed to provide any concrete details about the matter, and the DIT further declined to elaborate its negotiating stance before the talks. Since Brexit has started to enter its final stages, these discussions have taken higher degrees of importance, especially since the UK has already begun to close trading ties with the US.
Peter Hunn, the CEO of CLause, a smart contracts API firm, stated that the deal could stand to benefit the blockchain space within the UK. He explained that there could be a lot of work done in terms of providing a standardized interface while leveraging DLT systems and its smart contract code. This, in turn, holds the potential to reduce financially, administration, and compliance burdens all across the country, according to Hunn.
Future-Proofing Trade Agreements
As it stands now, the DIT seems to have taken the establishment of a robust digital partnership within its coming framework as a massive priority. There’s an entire chapter when it comes to negotiating objectives regarding digital trade. Of this, things like open internet, data protection, and cross-border data flows are among the issues to be addressed, but not all of it.
The UK also seems to strive to “future-proof” this agreement, as an attempt to compensate for rapid development in modern technology, according to the press release.
