The second item on the agenda concerns the digital economy. Digitalization of the economy has enabled unique and unprecedented business models, but it has also brought new challenges, such as double non-taxation for multinational companies. We can resolve such issues only through international cooperation.
The data traveling instantaneously around the world are indifferent to national boundaries. I believe that the economic and social impact of such data will rival, even surpass, the roles that petroleum and the internal combustion engine played in the twentieth century.
By its nature, data easily overcomes physical obstacles. Networked, its effects and advantages multiply and then multiply further. Conversely, should the equivalent of even a single closed-off room appear anywhere, the resulting losses extend to the entire network.
Japan is advocating a system of “Data Free Flow with Trust,” or “DFFT,” an approach that attempts to allow the free flow of data under rules upon which all can rely. So let us prepare rules that allow the digital economy’s benefits to spread to everyone in Asia and around the world. The process for doing that is what we call the “Osaka Track,” which we hope to launch at the upcoming summit.
It goes without saying that points one and two – trade and data – are inseparable from reform of the World Trade Organization. A quarter-century has passed since the WTO was established. During that time, the world economy has changed at amazing speed. But the WTO has failed to keep up, and the adverse effects of this are becoming increasingly apparent.
He wants both sandbox and a Moore Law update, smart guy. Note the boldface about a closed off room. Didn't we just solve that using sandbox in the previous post? Abe is either a time traveler or he is listening to sandbox theory and knows the technique.
I call this a win for sandbox and a loss for 'This time is different'. Way to go Shinzo, my other hero. Go talk to Timmy at Apple, he can help out.
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