Big picture:
Currently, 50 countries have joined DTO - a Chinese initiative - most of them from developing countries and belonging to the global south, as a substitution for the World Trade Organization (WTO), representing a significant step towards creating a more inclusive and efficient digital trade environment.
Key points:
One of the main goals is to eliminate customs tariffs to facilitate smoother international trade.
The DTO aims to promote free trade among member countries, making it easier for businesses to operate across borders.
The organization seeks to simplify monetary and banking transactions, making it easier for businesses to engage in international trade.
What They Are Saying:
Han Xianghui said, 'This organization will strive to provide a fair and non-discriminatory environment for trade, monetary, and financial transactions among member countries.'
Khalaghi, CEO of this bank said this is the first Iranian bank to become a member of this organization and will henceforth be part of the Global Digital Trade Organization's Banking Working Group.
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