Friday, August 16, 2013

U.S. Trade Commission: Digital trade up but barriers stifle growth

A new report by the U.S. International Trade Commission indicates that digital trade is becoming vital to the country, and lists the many trade barriers that American Internet and online companies face globally.

"The increase in digital trade is having a significant impact on the U.S. and global economy," the U.S. International Trade Commission said in one of two reports on the subject that Senate Finance Committee Chairman Max Baucus requested at the prompting of Senator Ron Wyden.

U.S. exports of "digitally-enabled" services totaled $356.1 billion in 2011, a 26 percent increase from $282.1 billion in 2007, covering areas such as financial services, retail services, professional services, healthcare, logistics and education, according to the ITC.

"This report shows that the digital economy represents an American trade advantage but it also identified barriers that are stifling further growth," Wyden said.

As the U.S. chases free trade agreements in Europe and the Asia-Pacific region, "it is important that these barriers are addressed so that U.S. digital trade can reach its full potential as a driving force behind the U.S. economy," the Oregon senator said.

In trade negotiations, the U.S. is advocating to open new markets for leading Internet companies like Amazon, Apple, Facebook, Google and Microsoft, which have already helped make the U.S. the planet's biggest exporter of digital services.

For more of the Reuters story: reuters.com

More Techwire stories

Prince Rupert beefs up terminal efficiency

EUROGATE installs wind turbine at Hamburg container terminal

EPA sanctions Foss clean hybrid retrofit technology

Hyperloop transit system made of "sun, air and magnets"

Click to browse past stories on these topics:

Logistics

Ports & Infrastructure

Economic Outlook

Environmental Impact

Technology