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Mint
03-08-2025
- Business
- Mint
The India-UK economic pact gives our digital trade the enablers it needed
Next Story Arpita Mukherjee The CETA's chapter on digital trade signals our ambitions in rule-setting for the 21st century. Its provisions are expected to give paperless electronic trade a big fillip and brighten the prospects of technology exporters. The recently signed Comprehensive Economic and Trade Agreement has attempted to remove many hurdles faced by the technology companies of both countries and enable them to work collaboratively. Gift this article With a strong mutual interest in supporting technology companies and enhancing cross-border dealings, the Digital Trade chapter of the India-UK Comprehensive Economic and Trade Agreement (CETA) is the most comprehensive one on the subject that India has signed in any trade agreement till date. With a strong mutual interest in supporting technology companies and enhancing cross-border dealings, the Digital Trade chapter of the India-UK Comprehensive Economic and Trade Agreement (CETA) is the most comprehensive one on the subject that India has signed in any trade agreement till date. Unlike the India-UAE digital trade chapter, India moved away from soft commitments (reflected in its use of language such as 'shall endeavour to do") to undertaking firm commitments (shall do) in order to maintain a legal framework consistent with international best practices, like those under the UNCITRAL Model Law of Ecommerce (1996). The chapter covers firm commitments in other areas as well. For example, it provides a legal framework for contracts to be concluded electronically, ensuring the legal validity of e-contracts. It would make trade administration documents available to the public in digital format and let administrative trade paperwork be submitted digitally as a legal equivalent of hard copies. These provisions are aligned with New Delhi's objective of Digital India and commitments to cross-border paperless trade. Also Read: Mint Quick Edit | An India-UK FTA at long last! All this can also lead to significant cost reduction for micro, small and medium enterprises (MSMEs). A study by the International Chamber of Commerce for UK and Coriolis in 2021 had estimated that digitizing transferable documents could boost MSME trade by 25% and lead to a 35% improvement in their business efficiency. Commitments in the digital trade chapter vis-a-vis India's position at the WTO: India refrained from joining the Joint Statement Initiative (JSI) under the World Trade Organization (WTO) framework, under which 80 member countries—with Australia, Singapore and Japan acting as co-conveners—reached a stabilized text. But many of the JSI's principles are part of the India-UK CETA's chapter on digital trade. For example, its provisions on paperless trade and its related aspects—such as e-invoicing, e-signatures and authentication and e-payments—have been covered by the CETA. This indicates that India is willing to commit to digital trade liberalization bilaterally with like-minded trade partners. Also Read: Mint Quick Edit | India-UK FTA: Fair play in the trade arena Controversial issues, such as the WTO moratorium on customs duty on digital imports and the associated revenue loss for developing countries have been smartly kept outside the CETA. The moratorium issue is a matter of multilateral discussion under the WTO Work Programme on E-commerce (WPEC), a forum in which WTO members including India agreed to not impose custom duties on electronic transmissions. This moratorium is renewed from time to time. It is currently applicable until the 14th WTO Ministerial Conference scheduled in March 2026, after which it is set to expire along with the WPEC. In all probability, customs duty will be held in abeyance, which will benefit Indian software exporters. The government's right to regulate and the private sector's demands: To secure the government's right to regulate the evolving digital sector, the India-UK agreement does not have any binding commitment to let data flow freely across borders, nor does it prohibit data-localization requirements. At the same time, it provides explicit protections for source codes and algorithms, a long-standing demand of the technology industry. One key contribution of this chapter is its support for the cross-border paperless trade framework led by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), aimed at reducing trade costs. According to the UNESCAP-ADB Asia-Pacific Trade Facilitation Report 2024, full implementation of those digital trade facilitation measures, over and above the commitments in the WTO's Trade Facilitation Agreement (TFA) to which India is a party, can reduce trade cost by about 11% in the region. This is important for enhancing the competitiveness of Indian firms in a world of geopolitical tension, tariff threats and supply chain challenges. India has already adopted several measures of the TFA to reduce delays and increase transparency by leveraging technology. Exporters have for a long time been asking for paperless trade. In the CETA, India has shown that it is ready to move towards a framework for it. This also enhances the scope for cross-border regulatory cooperation and mutual recognition. Recognizing the value of digital inclusion, the chapter lays appropriate emphasis on addressing digital trade barriers through cooperation. Laying out an inclusive framework for SMEs and women-led enterprises, it expects the two trade partners to cooperate in areas such as digital skills and access to digital tools. It attempts to ensure consumer and business trust in digital trade through various provisions, such as those on online consumer protection, unsolicited commercial e-messages and cybersecurity. Also Read: India-UK trade pact: A new paradigm for the digital economy It has some gaps but is a good chapter overall: While the chapter on digital trade in the India-UK CETA has some misses, such as its exclusion of a binding mechanism for dispute settlement, which would reduce its enforceability, it is a good attempt overall on India's part to showcase itself as a technology leader that is ready to drive cross-border digital trade policies. Along with some provisions in other chapters, the chapter aims for competitive market access in the domains of software development and network infrastructure, facilitate the cross-border mobility of professionals and reduce tariffs on technology goods, even as it upholds and supports existing partnerships between the two partners, such as the July 2024 India-UK Technology and Security Initiative. In all, the recently signed Comprehensive Economic and Trade Agreement has attempted to remove many hurdles faced by the technology companies of both countries and enable them to work collaboratively. The author is a professor, Indian Council for Research on International Economic Relations (Icrier). Topics You May Be Interested In Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Business Times
25-06-2025
- Business
- Business Times
Trade will always still exist, though patterns will change and evolve, says PM Wong at WEF
[BEIJING] Despite a move toward greater self-sufficiency, trade will still exist because no country can be completely self-sufficient, said Prime Minister Lawrence Wong on Wednesday (June 25). Trade may not grow as much as it used to, and patterns of trade will change and evolve, with different supply chains and configurations, he told an audience at the World Economic Forum's (WEF) Annual Meeting of the New Champions – also known as the Summer Davos – in Tianjin. But trade remains relevant, he said, even as he acknowledged that technology and sustainability will become new drivers of growth and 'power the economy of the future'. PM Wong made these points during a dialogue session with WEF President and chief executive officer Borge Brende. The Singapore prime minister emphasised the continued importance of multilateralism as he gave an example of what he described as 'flexible multilateralism'. The World Trade Organization (WTO) has brought about free trade and a rules-based trading system that has benefitted many, but its rules have lagged behind the realities of today's economy, particularly in digital trade, said PM Wong. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up However, rather than 'jettison the rules', Singapore, Australia and Japan co-convened the Joint Statement Initiative (JSI) on e-commerce. After five years of negotiations, 71 members have agreed on the first set of global rules on digital trading. The JSI is proof that 'it is possible to update, evolve and improve the multilateral system and global institutions that we have today', he said. '(Flexible multilateralism) is not about an ad-hoc array of different rules, but starting first, laying the building blocks, and eventually others can join in, and we can steer progress in the right direction,' he said. Brende later asked whether 'this kind of more plurilateral' agreement, as well as bilateral and regional trade agreements, could mean that trade is complicated and 'we end up with a big spaghetti bowl', referencing a phenomenon where multiple agreements supplant multilateral agreements. PM Wong agreed that the concern exists, but countered: 'What is the alternative? Do nothing? It cannot be do nothing, and hope that some day, along the way, something new emerges out of nowhere.' He believes that if like-minded countries put in place basic building blocks and remain open and inclusive, they can 'multilateralise' these efforts in time to come. PM Wong (right) shaking hands with WEF acting chairman Peter Brabeck-Letmathe at the Summer Davos in Tianjin. With them is Kyrgyzstan Prime Minister Adylbek Kasymaliev. PHOTO: MDDI Brende also asked whether Singapore has 'changed its approach', from doing more trade agreements under multilateral systems such as the WTO to more bilateral and 'mega-regional' ones. PM Wong responded that Singapore started with many bilateral free trade agreements (FTAs) that built up to 'a more robust multilateral system'. Amid rising trade barriers, Singapore's response would still be to work at reforming and updating the WTO, but engage with like-minded countries to strengthen trade and investment links in parallel, he said. On Brende's remark that Singapore received 'a relatively good deal' with just 10 per cent tariffs in the US' trade war, PM Wong noted that on the basis on the city-state's FTA and trade balance with the US, it 'should have a zero tariff'. Singapore is engaging the US, but the latter is unlikely to lower tariffs below their 10 per cent baseline, he noted. 'That's why I've said that we are in a new era where there will be more barriers to trade, and we have to accept these realities. Not that we think it's a good idea, but these are the realities that we have to work with,' the prime minister said. 'Meanwhile, countries that would like to promote and advance the agenda for free trade should come together and work in different formats, different platforms, whether regional or plurilateral platforms, to advance the agenda for free trade. And Singapore will be the first to lead the charge on this.' On Wednesday, PM Wong also attended the WEF's opening plenary and met separately with Senegal Prime Minister Ousmane Sonko and Vietnam Prime Minister Pham Minh Chinh. He is due to return to Beijing on Wednesday evening where he will meet Singaporeans at a reception.
Business Times
29-05-2025
- Business
- Business Times
Agile partnerships can help Asia face global challenges: DPM Gan
[SINGAPORE] Flexible partnerships are one of three ways that Asia can tackle global challenges, alongside deepening integration and reforming institutions, said Deputy Prime Minister Gan Kim Yong on Thursday (May 29), on the last day of a working visit to Tokyo. Such 'flexible multilateralism' could involve moving ahead first with like-minded partners, while 'leaving the door open for others to join when they are ready', he said in a speech that was streamed online. He was speaking at the two-day 30th Nikkei International Forum on the Future of Asia, themed 'Asia's Challenge in a Turbulent World'. As an example of flexible multilateralism, DPM Gan cited the World Trade Organization (WTO) Joint Statement Initiative (JSI) on E-commerce, with Japan, Singapore and Australia as co-conveners. JSIs allow groups of WTO members to address specific issues, in contrast to the usual WTO negotiations which require unanimity. The JSI on E-commerce now involves 91 members that account for over 90 per cent of global trade. An attempt to incorporate the JSI into the WTO framework this February failed – but the co-conveners are continuing to pursue this, and are exploring options to implement the agreement in the meantime, said DPM Gan. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up New alliances can also be forged by building on existing economic groupings and plurilateral agreements, he added. 'These new alliances will facilitate effective and timely collaboration on key trade policies, and signal our commitment to a rules-based trading system.' He noted Asean's efforts to deepen economic cooperation with the Gulf Cooperation Council – raised by Prime Minister Lawrence Wong at the Asean Summit earlier this week – including through a possible free trade agreement (FTA) between the blocs. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership is an opportunity to broaden economic partnerships with Asean and the European Union. Fundamental challenges This is one of the ways that Asia can meet three 'fundamental challenges' that it faces, beyond the economic fallout from US tariffs, said DPM Gan. The first challenge is maintaining 'strategic autonomy' amid intensifying US-China contestation, with both powers seeking to influence others. This affects many Asian countries that have deep trade and investment ties with both – but countries need to maintain autonomy and act in 'a principled and consistent way', in their own and the region's interests, said DPM Gan. The second challenge is preserving the rules-based, multilateral trading order. This is based on predictable tariff terms, with clear and shared frameworks for non-tariff policies, including the 'most favoured nation' principle underpinning the WTO. If members trade only on their own terms, larger economies will have more bargaining power, while smaller ones may be marginalised, said DPM Gan. 'This is why recent moves by some economies to impose and remove tariffs at will are concerning.' The third challenge is tackling global threats such as climate change and protecting the global commons. Given the need for urgent action, it is disconcerting that a collective commitment to climate-related treaties seems to be waning, said DPM Gan. He warned that if the commitment to international institutions – such as the WTO, World Health Organization, International Monetary Fund and World Bank – similarly weakens, the world will be less able to tackle issues such as future pandemics or financial crises. Integration and reform Besides agile partnerships, Asia can face these challenges by doubling down on regional integration and reforming organisations such as the WTO, said DPM Gan. On regional integration, Asia must enhance its trade, digital and physical connectivity, and 'raise the ambition' for existing partnerships. For instance, Asean has concluded talks to upgrade its Trade in Goods Agreement, and is working to upgrade FTAs with other partners. As cross-border payments are a key enabler of the digital economy, some Asean countries are working with India on a real-time payment network, he noted, inviting more Asian countries to join the project. Asia can also explore cross-border energy flows, he added. Not only will the Asean Power Grid enable the region's low-carbon transition, it also presents opportunities for green investments, he said. He welcomed financing support from the World Bank and Asian Development Bank, as well as from Japan. Finally, Asia can work with partners to reform global institutions, particularly the WTO. While imperfect, the organisation remains 'an important foundation on which to build a better global, rules-based trade architecture', he said. Such reforms include enabling flexible agreements such as the JSI on E-Commerce to move forward within the WTO framework. The existing consensus-based decision-making process should also be reformed to avoid gridlock, while the WTO rulebook should be updated to address issues such as state subsidies and industrial policy, and respond to the digital revolution and climate change. Japan-Singapore collaboration DPM Gan's visit comes ahead of Japan and Singapore's 60th anniversary of diplomatic relations in 2026. On the trip, he met Japanese political and business leaders, and the countries reaffirmed their close and longstanding ties. Noting that Japan invested significantly in Singapore when the latter was industrialising in the early 1970s, DPM Gan added that there will be more investment opportunities, with Singapore as a growing Asian hub and a gateway to South-east Asia. Beyond economics, both countries can cooperate in areas such as climate action and defence, he added. In a question-and-answer session after his speech, DPM Gan was asked what advice he would give Japan and its businesses, given the country's 'struggling' economy. In response, he noted that Japan's economy remains 'very significant' with 'very innovative' businesses, and highlighted scope for cooperation with Singapore. He encouraged Japanese startups to set up in Singapore, adding that the Republic also encourages its startups to enter Japan, tap its technologies and explore opportunities to collaborate.
Business Times
29-05-2025
- Business
- Business Times
Agile partnerships can help Asia face global challenges: Gan Kim Yong
[SINGAPORE] Flexible partnerships are one of three ways that Asia can tackle global challenges, alongside deepening integration and reforming institutions, said Deputy Prime Minister Gan Kim Yong on Thursday (May 29), on the last day of a working visit to Tokyo. Such 'flexible multilateralism' could involve moving ahead first with like-minded partners, while 'leaving the door open for others to join when they are ready', he said, in a speech that was streamed online. He was speaking at the two-day 30th Nikkei International Forum on the Future of Asia, themed 'Asia's Challenge in a Turbulent World'. As an example of flexible multilateralism, DPM Gan cited the World Trade Organization (WTO) Joint Statement Initiative (JSI) on E-commerce, with Japan, Singapore and Australia as co-conveners. JSIs allow groups of WTO members to address specific issues, in contrast to usual WTO negotiations which require unanimity. The JSI on E-commerce now involves 91 members that account for over 90 per cent of global trade. An attempt to incorporate the JSI into the WTO framework this February failed – but the co-conveners are continuing to pursue this, and are exploring options to implement the agreement in the meantime, said DPM Gan. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up New alliances can also be forged by building on existing economic groupings and plurilateral agreements, he added. 'These new alliances will facilitate effective and timely collaboration on key trade policies, and signal our commitment to a rules-based trading system.' He noted Asean's efforts to deepen economic cooperation with the Gulf Cooperation Council – raised by Prime Minister Lawrence Wong at the Asean Summit earlier this week – including through a possible free trade agreement (FTA) between the blocs. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership is also looking at how to broaden economic partnerships with Asean and the European Union. Fundamental challenges This is one of the ways that Asia can meet three 'fundamental challenges' that it faces, beyond the economic fallout from US tariffs, said DPM Gan. The first challenge is maintaining 'strategic autonomy' amid intensifying US-China contestation, with both powers seeking to influence others. This affects many Asian countries that have deep trade and investment ties with both – but countries need to maintain autonomy and act in 'a principled and consistent way', in their own and the region's interests, said DPM Gan. The second challenge is preserving the rules-based, multilateral trading order. This is based on predictable tariff terms, with clear and shared frameworks for non-tariff policies, including the 'most favoured nation' principle underpinning the WTO. If members trade only on their own terms, larger economies will have more bargaining power, while smaller ones may be marginalised, said DPM Gan. 'This is why recent moves by some economies to impose and remove tariffs at will are concerning.' The third challenge is tackling global threats such as climate change and protecting the global commons. Given the need for urgent action, it is disconcerting that a collective commitment to climate-related treaties seems to be waning, said DPM Gan. He warned that if the commitment to international institutions – such as the WTO, World Health Organization, International Monetary Fund and World Bank – similarly weakens, the world will be less able to tackle issues such as future pandemics or financial crises. Integration and reform Besides agile partnerships, Asia can face these challenges by doubling down on regional integration and reforming organisations such as the WTO, said DPM Gan. On regional integration, Asia must enhance its trade, digital and physical connectivity and 'raise the ambition' for existing partnerships. For instance, Asean has concluded talks to upgrade its Trade in Goods Agreement, and is working to upgrade FTAs with other partners. As cross-border payments are a key enabler of the digital economy, some Asean countries are working with India on a real-time payment network, he noted, inviting more Asian countries to join the project. Asia can also explore cross-border energy flows, he added. Not only will the Asean Power Grid enable the region's low-carbon transition, it also presents opportunities for green investments, he said. He welcomed financing support from the World Bank and Asian Development Bank, as well as from Japan. Finally, Asia can work with partners to reform global institutions, particularly the WTO. While imperfect, the organisation remains 'an important foundation on which to build a better global, rules-based trade architecture', he said. Such reforms include enabling flexible agreements such as the JSI on E-Commerce to move forward within the WTO framework. The existing consensus-based decision-making process should also be reformed to avoid gridlock, while the WTO rulebook should be updated to address issues such as state subsidies and industrial policy, and respond to the digital revolution and climate change.
Yahoo
18-03-2025
- Business
- Yahoo
Stone-Goff Portfolio Company JSI Acquires LogicomUSA
BOSTON & NEW YORK, March 18, 2025--(BUSINESS WIRE)--Stone-Goff Partners ("SGP"), a lower middle-market private equity firm investing in technology-driven business-to-business service companies, today announced the acquisition of LogicomUSA ("Logicom"), a premier provider of voice, network, and 24/7 contact center services to broadband providers and electric cooperatives nationwide, by SGP portfolio company JSI. "This acquisition further solidifies JSI as a premier end-to-end solutions provider for broadband service providers, reinforcing its position as a trusted partner in an increasingly complex and competitive industry," said Laurens Goff, Co-Founder and Managing Partner of Stone-Goff Partners. "By integrating Logicom's voice, network, and contact center expertise with JSI's deep capabilities across engineering, compliance, tax, regulatory, and managed services, we are enhancing JSI's ability to deliver comprehensive, high-value solutions that help broadband providers scale and succeed." Logicom focuses on delivering a superior technical support experience through an interactive knowledge base, custom contact center platform, and Bring Your Own Agent (BYOA) – an easy-to-use platform that offers operating teams the ability to scale, customize, and deliver outstanding service on their terms. "JSI and Logicom are united in our commitment to equipping broadband providers with the solutions they need to expand, operate efficiently, and navigate an evolving industry," said David Makuen, CEO of JSI. "By joining forces, we are enhancing our ability to deliver seamless, integrated support that drives long-term success for our clients. We look forward to leveraging our combined expertise to create even greater value for the broadband providers and electric cooperatives we serve." Noah Southerland, CEO of Logicom, commented, "Logicom has always been at the forefront of innovation, evolving to meet the needs of our clients. By joining JSI, we are not only strengthening our ability to deliver technology-driven solutions, but we are also gaining a partner that shares our vision for empowering broadband providers." About Stone-Goff Partners Stone-Goff Partners is a lower middle market private equity firm investing in technology-driven business-to-business service companies. Our companies combine service offerings with technology, focus on clearly defined end markets, and are active participants in the growing knowledge economy. Core verticals include business services, consulting services, marketing services, IT services, human capital and training, and outsourced services. We partner with company founders and executive leadership teams to provide capital, M&A origination and execution, and value-creation expertise to our portfolio companies. Since the firm's founding in 2010, Stone-Goff's sector knowledge and deal experience has helped drive successful outcomes for company founders, limited partners, and portfolio management teams. For more information about Stone-Goff Partners, please visit About JSI JSI is a full-service consulting firm, providing financial, engineering, management, operational, regulatory, and strategic assistance to broadband service providers. JSI's business knowledge, experience and proven success help its clients plan and realize long-term success and profitability. JSI has relationships with approximately 750 customers in 46 states and several US territories. Headquartered in Greenbelt, MD, with offices across the United States, JSI can be found at 1. This release is for informational purposes only and does not constitute, or form part of, an offer to purchase or issue interests in any security or investment product. No assurance can be given that any investment managed by Stone-Goff will be able to implement its investment strategy or achieve its investment objectives.2. This release contains statements that may be considered testimonials or endorsements. While no compensation arrangement exists between Stone-Goff and any outside parties in connection with any testimonial or endorsement made herein, those making statements could be considered to have an economic interest in the success of Stone-Goff, a particular investment, or portfolio holding.3. Past performance is not indicative of future results. Stone-Goff does not make any representation or warranty, express or implied, regarding future performance of any investment vehicle, particular investment or portfolio holding. View source version on Contacts Dan AbramsonGregory FCAdabramson@ Sign in to access your portfolio
