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Friday, 20 March 2015

Trade policy 2.0 does not overcome development differences

Gerald Santucci, from the European Commission's DG CNECT underlined that the future trade landscape will be made up of internet-based enterprises, and highlighted that those who control the (data) value chain will have the power in economy and trade. He also added that unfortunately  there is a large digital divide between developing and developed countries. In addition, access to broadband is particularly prohibitive in developing countries. Lucien Cernat, DG Trade underlined that there was a big difference between trade policy 1.0 – that focuses on big gains, like the current TTIP negotiations – and trade policy 2.0, which in comparison will be more flexible, and reflective of the technological advances the world is witnessing. Ignacio Corlazzoli, Inter-American Development Bank gave evidence of the ‘connectamericas’ platform is the first platform of its type which encourages trade promotion through social networks. From his perspective, it fundamentally overcomes the lack of access to contacts, information and financing that the Latin American region, comprised predominantly of SMEs needs.