The UK and 90 other countries have negotiated a set of new rules designed to make global trade faster, fairer, cheaper and more secure.

Once in force the agreement will permanently ban customs duties on digital content, lower costs for UK businesses and help protect UK consumers from online fraud.

After five years of negotiations, the UK and 90 other countries have finalised the E-Commerce Joint Initiative at the World Trade Organization (WTO), which will make trade faster, cheaper, fairer and more secure.

It will help British businesses, workers and consumers seize the opportunities of global digital trade, which is estimated by the OECD to be worth around £4 trillion and growing.

Once implemented, the agreement will commit all participants to the digitalisation of customs documents and processes. This will in many cases end the need to print forms off and hand them over at customs – a slow, expensive and old-fashioned way of working.

The government said global adoption of digital customs systems, processes and documents would increase UK GDP by up to £24.2 billion in 2023 UK GDP terms. Even partial adoption could represent a significant boost to UK GDP.

It also commits signatories to putting in place legal safeguards against online fraudsters and misleading claims about products.

Science Secretary Peter Kyle said: “This global agreement aims to help people use technology safely by protecting them from fraud, while driving economic growth through the digitalisation of trade so it’s faster and more secure.

“We will leave no stone unturned in our work to share the benefits of technology and drive economic growth by working with partners around the world to achieve this.”