Unlocking the value of data flows in the digital economy
At LSEG, we believe that an open, global digital economy can drive sustainable growth, empower businesses and communities, and facilitate solutions to society’s greatest challenges. As a financial markets infrastructure and data provider, we see the value of digital technology in helping businesses to start, grow and flourish. We observe the growing demand for data to inform decision-making, fuel innovation and support efforts to address issues such as climate change and financial crime.
Policymakers have an essential role in unlocking this potential. While the data ecosystem that underpins the digital economy is inherently global, a fragmentation in policy risks undermining both business and broader society being able to harness the benefits of international data transfers. Governments and international organisations have made important advances over recent years in agreeing on principles and arrangements to promote digital economic cooperation. However, further progress is required to establish a long-lasting secure, trusted and resilient digital economy.
We therefore encourage countries to pursue digital economic cooperation and to promote international data transfers as a strategic priority, focusing energy on contributing to this agenda. Pursuing a proactive approach will demonstrate the benefits of an open, global digital economy and encourage other jurisdictions to adopt a similar way forward.
In this context, LSEG proposes two key policy recommendations for policymakers to consider:
1. The establishment of a G7-led forum to strengthen international coordination on data and digital governance.
2. The conclusion of best-in-class digital trade agreements that facilitate the free flow of data.