US lawmakers group seeks extension of WTO moratorium on digital trade

"Failing to renew the moratorium, as we have done for more than twenty years, would undermine the strength of the American economy, jobs, and innovation," the lawmakers, led by Democratic representative Suzan DelBene and Republican Darin LaHood, wrote to Tai.

Trade in digital goods and services had become increasingly vital to US workers and businesses, including many small businesses that used digital tools to export their products and services overseas, the lawmakers noted.

If India and other countries prevailed in their efforts to end the moratorium, countries would be able to slap duties on sectors such as manufacturing, agriculture, entertainment, software, and financial services, which would further disrupt supply chains and jack up consumer prices, the lawmakers were quoted as saying by a global newswire.

More than 100 trade ministers from the WTO's 164 members are meeting in Geneva this week, but the trade body remains deeply challenged by crises ranging from the COVID-19 pandemic to Russia-Ukraine conflict.

WTO chief Ngozi Okonjo-Iweala expressed cautious optimism that one or two global deals could be reached this week, but said there are still challenges to overcome.

Fibre2Fashion News Desk (DS)