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The Group of Seven wealthy nations agrees on principles to govern cross-border data use

(Reuters) - LONDON (Reuters) - Britain said that the Group of Seven affluent nations had agreed on rules to govern cross-border data usage and digital trade, describing the agreement as a "breakthrough" that may liberalize hundreds of billions of dollars in international trade. At a meeting in London on Friday, G7 trade ministers struck an agreement.

The agreement establishes a halfway ground between Europe's highly regulated data protection laws and the United States' more open approach. "We reject digital protectionism and authoritarianism, and today we accepted the G7 Digital Trade Principles, which will govern the G7's approach to digital trade," according to the communiqué.

According to the statement, the principles addressed open digital markets, cross-border data flows, worker, consumer, and business protections, digital trading systems, and fair and inclusive global governance. "We should remove unjustifiable barriers to cross-border data flows while continuing to address privacy, data protection, intellectual property rights protection, and security," the document's annex stated.

According to a British person familiar with the pact, "This agreement is a true breakthrough, the culmination of years of diplomatic wrangling. "Every day, we all rely on digital trade, yet the worldwide rules of the game have been a wild west for years. It's tough for firms to take advantage of the enormous prospects available." The G7 consists of the US, Japan, Germany, the United Kingdom, France, Italy, and Canada. (1 dollar = 0.7275 pounds)

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Europe G7 Digital Trade Principles LONDON Reuters

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