Multilateral regulation of digitalization processes

Abstract

The article provides substantiation for the importance of multilateral regulation within the field of digitalization processes. The author has conducted an analysis of the current status, consequences, and shortcomings of liberalising international trade in key ICT products under the WTO’s Information Technology Agreements (ITAs). The combined economic impact of these two ITAs has been estimated at approximately three trillion dollars annually. However, it is important to acknowledge that these agreements encompass fewer than half of the WTO’s member countries. The study reveals that existing international regulation initiatives concerning the digital economy primarily operate on a voluntary basis, focusing on specific aspects of digitalization and involving only a limited number of countries. The author contends that the demand for comprehensive multilateral regulation in digitalization arises from potential global-scale issues and risks. Consequently, the following priorities for multilateral regulation in digitalization are delineated: establishing consensus on fundamental definitions of digital processes, terms of data access, the concept of digital data as a global public good, forms of data management, rights and principles pertaining to digital data, data standardization, and international cooperation in platform management. In conclusion, the author emphasizes the need for an integrated and balanced approach to support the inclusive and sustainable global economic development, as well as the potential for creating an international entity tasked with overseeing various aspects of digitalization.