The U.S. International Trade Commission has initiated the second of two investigations into the role of digital trade in the United States and global economies.
The investigation, Digital Trade in the U.S. and Global Economies, Part 2
, is part of a request made by the Senate Finance Committee in a Dec. 14 letter.
In its letter, the committee stated: "Digital trade has increased rapidly in recent years and is an increasingly important activity within the global economy… Policymakers are facing unprecedented challenges as they seek to ensure that digital trade remains open while producers' and consumers' data remain secure."
The first investigation, Digital Trade in the U.S. and Global Economies, Part 1
, was started on Jan. 7.
In the second investigation, the ITC, an independent fact-finding federal agency, will conduct a survey of U.S. firms in selected industries particularly involved in digital trade. The report will estimate the value of U.S. digital trade and the potential growth of this trade; examine the broader linkages and contributions of digital trade to the U.S. economy; present case studies that examine the importance of digital trade to selected U.S. industries that use or produce such goods and services; and examine the effect of notable barriers to digital trade on selected industries and the broader U.S. economy.
The ITC expects to deliver the second report to the Senate Finance Committee by July 14, 2014.
For the purposes of these reports, "digital trade" covers commerce in products and services delivered over digital networks. Examples include software, digital media files, and services such as data processing and hosting. The report will also examine how other industries, such as financial services and retailing, make use of digital products and services for production and trade, the ITC said.
The agency will hold a public hearing related to the investigation at its Washington headquarters on March 7. For more details, access the ITC’s Website