Currently, various trade policies such as tariffs, quotas, and trade agreements like the USMCA and the European Union's Common Trade Policy are in place, aimed at protecting domestic industries and promoting fair trade. However, many analysts argue that some of these policies are outdated, particularly in light of the rapid advancements in technology and the increasing interconnectedness of global markets, calling for a reassessment of tariffs that may hinder innovation and growth in new sectors. Additionally, environmental sustainability should be more heavily considered in trade policies, as current agreements often lack substantial measures for reducing carbon footprints and promoting eco-friendly practices. One potential area for updating is the integration of digital economy regulations, particularly addressing data privacy and cross-border data flows, which are not sufficiently addressed in many existing trade agreements.
To fill this gap, I propose a new trade policy called the Digital Trade Equity Framework, which would set clear regulations on data privacy and security, streamline e-commerce practices internationally, and establish guidelines for digital taxation to ensure fair competition among multinational corporations.