Back to the complete issue
Sunday, 24 October 2021

G7 nations reach breakthrough agreement on cross-border digital trade

G7 enshrines free flow of data in new Digital Trade Principles: G7 countries have agreed on a set of principles to govern data protection in cross-border digital trade, which were published by the British government following a meeting between the seven rich nations on Friday. The agreement could unlock USD hundreds of bns worth of international e-commerce by unifying divergent policies between countries, Reuters reported.

“Data should be able to flow freely across borders with trust,” read the agreement, which aims to reduce costly compliance barriers to SMEs while also protecting digital privacy, security and intellectual property. The new rules set out a middle path between the EU’s strict data protection laws and the laxer approach taken by the US, according to the newswire.

Swedish telecom company Ericsson has been accused of violating the terms of its USD 1.06 bn settlement agreement over allegations of bribery in five countries, according to a company statement. The company had struck an agreement with the Justice Department in 2019 in response to allegations of bribery in the company’s branches in Djibouti, China, Vietnam, Kuwait and Indonesia. At the time, the company’s Egyptian subsidiary also pled guilty to a “related bribery conspiracy charge.”

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.