Digital trade partnership agreement signed

New Zealand has signed the first trade agreement to focus on issues solely relating to the digital economy.

The Digital Economy Partnership Agreement with Chile and Singapore facilitates trade by encouraging paperless trading, e-invoicing and payments, and streamlined customs procedures for parcels.

It promotes online consumer protection, so customers have appropriate redress if things go wrong, and also covers protection of personal information, and safe and responsible use of artificial intelligence.

Trade and Export Growth Minister David Parker said the signing of the agreement, which occurred at an online ceremony using e-signatures, was timely given the impact coronavirus had on international trade.

‘‘Responding to Covid-19 has underlined the importance of digital tools, and digital trade, to ensure New Zealand can continue to prosper and recover quickly from the global pandemic,’’ Parker said.

‘‘We’ve moved quickly since launching negotiations in May 2019 to bring this agreement to conclusion because we recognise international trade rules have not kept up with the unprecedented growth of digital trade.’’

He said digital technology could help small and medium-sized enterprises overcome the challenges of scale and distance, and support greater participation by women, Ma¯ ori and rural communities.

The agreement requires signatories to have legal frameworks in place to protect personal information, and partners to the agreement should not impose customs duties on electronic transmissions.

In recognition of constantly evolving payment technology, and the importance of secure payment systems, the agreement allows regulation in special circumstances, or to respond to a balance of payments crisis.

Parker said the agreement was an ‘‘open plurilateral’ one, meaning it was open to other World Trade Organisation members to join if they met its standards.