IBM (NYSE: IBM) today issued the following statement upon signature by the president of implementing legislation for the U.S.-Mexico-Canada Agreement:
“The digital provisions of USMCA promote innovation and economic growth and are a model for all trade agreements. Future trade deals should include USMCA-style measures that permit free flow of data across borders, reject local data storage requirements, and protect the algorithms and source code that are the lifeblood of innovation.
“The USMCA begins a new era in world trade, one in which digital trade gets the same kind of attention as traditional trade. It recognizes that cross-border data flows already make a bigger contribution to global GDP than trade in manufactured goods, a trend that is likely to accelerate in the future.”
– Martin Schroeter, Senior Vice President, Global Markets, IBM (bio)
IBM’s Martin Schroeter has been outspoken globally on the need for trade policies that harness the power of data and cross-border data flows to promote and protect economic growth. Here’s a recent example from the sidelines of the 2020 World Economic Forum Annual Meeting in Davos, Switzerland:
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The conversation surrounding data protection is a global one. Given India’s globally established strength in the IT sector and constitutional provision of privacy as a fundamental right, a forward-looking data protection regime is essential.