LONDON - TheCityUK has today launched the latest report, ‘Digital trade: a commercially viable approach’, which looks at the critical role of digital trade for UK-based financial and related professional services and the challenges faced unless governments can agreed a shared approach to data regulation and cross-border data transfers.

Digital trade has become increasingly important over the last decade, with 86% of UK financial services exports, equivalent to over £53bn in 2020, being delivered digitally. However, such digital trade is becoming more difficult, with digital trade barriers doubling between 2009-2019 and restrictions on international data transfer more than doubling since 2017.

The report sets out detailed recommendations for how the UK can strengthen its position as a global centre for data, and what actions it can take to address the growing tide of protectionism surrounding cross-border data transfers and processing. Our recommendations aim to help the UK benefit from greater innovation, a wider choice of digital services and more high-skilled jobs and sustainable development.

for the full report, visit: https://www.thecityuk.com/our-work/digital-trade-a-commercially-viable-approach/?f24_pid=f795cee2-7819-4a19-bb20-463e015a6bff&utm_campaign=Digital%20trade%20report%20launch%20email&utm_source=force24&utm_medium=email&utm_content=textlink