G20 draft calls for digital economy rules within the year

Digital laws have been proposed before in the past but is gaining traction ahead of the G20s. The leaders’ declaration for this week’s Group of 20 summit will call for creating a framework for drawing up international rules on the digital economy to be called the “Osaka track,” according to a draft obtained by The […]

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This photo illustration shows a Vietnamese cryptocurrency investor looking at the latest Bitcoin values on a smartphone in Hanoi on April 12, 2018. Vietnam has vowed to tighten regulations on cryptocurrencies as authorities investigate an alleged multi-million-dollar fraud in the country, where digital units are traded in a shadowy and unregulated market. / AFP PHOTO / Nhac NGUYEN

June 27, 2019

Digital laws have been proposed before in the past but is gaining traction ahead of the G20s.

The leaders’ declaration for this week’s Group of 20 summit will call for creating a framework for drawing up international rules on the digital economy to be called the “Osaka track,” according to a draft obtained by The Yomiuri Shimbun. It will also call for achieving results within the year.

The G20 leaders are scheduled to gather in Osaka on Friday and Saturday. In the draft, the section on the digital economy is part of a separate “Osaka statement.”

The Osaka statement draft welcomes progress in discussions among about 80 interested World Trade Organization member states on an e-commerce accord.

The draft expresses the G20’s support for rule creation and other developments in this area through the Osaka track. It states that the leaders vow to collaborate so people all over the world will benefit.

It sets a goal of having concrete results to show by the time of a WTO ministerial meeting in June 2020.

At last year’s G20 meeting in Argentina, the phrase “fight protectionism” was not included in the leaders’ declaration due to objections by the United States. The draft statement for this week’s summit also lacks such language.

That said, the upcoming leader’s declaration is expected to include the phrase “trade and geopolitical tensions have intensified,” which the United States objected to when it was included in the communique for the G20 finance ministers and central bank governors meeting earlier this month. Therefore, attention is focused on how the United States will react.

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