After five years of negotiations, 91 countries have reached a consensus on new e-commerce norms under the World Trade Organization (WTO).

This agreement aims to establish the first comprehensive global rules for digital trade among a wide range of WTO members.

The primary focus of the agreement is to facilitate cross-border electronic transactions and reduce barriers to digital commerce, particularly for small and medium-sized enterprises (SMEs).

The deal includes a ban on tariffs for electronically transmitted goods and services, a demand strongly supported by the global industry.

No customs duties will be imposed on electronic transmissions, including video, audio, and written text.

The agreement extends a moratorium on taxing cross-border electronic transmissions, crucial for maintaining the flow of digital trade.

Support for less-developed nations is included in the agenda of the agreement, with a grace period of up to seven years for compliance with certain provisions.

Australia, Japan, and Singapore have pledged to assist less developed countries through technical assistance and capacity-building opportunities.

Trust-building measures for consumers and businesses are planned, including enhanced consumer protection online and support for participation from developing countries in digital trade.

The agreement also includes regulations aimed at making international digital trade more reliable and affordable, alongside collaboration on cybersecurity risk mitigation.

The European Union played an active role in the negotiations and welcomes the agreement, stating it benefits both consumers and businesses.

Despite 91 countries signing the deal, the U.S. has opted out, citing concerns about specific provisions related to security interests.