Use Of E-Commerce To Boost Economy
Ngozi Okonjo-Iweala, the director general of the World Trade Organization (WTO), stated yesterday that it is the responsibility of the entire international community to assist members in utilizing the full potential of the digital economy for economic growth, job creation, and trade diversification.
As a follow-up to the 12th Ministerial Conference’s decision to renew the program, particularly on its development dimension, she made this statement at a workshop organised under the Work Programme on e-Commerce.
The workshop offered WTO members, including Nigeria, the chance to discuss global concerns covered by the work program with representatives from other international organisations.
The workshop specifically focused on work done on consumer protection, the digital divide, the moratorium on charging customs charges on electronic transmissions, and legal/regulatory frameworks on e-commerce.
Members are actively discussing broad problems relating to e-commerce with a development focus, according to Okonjo-Iweala, and this is crucial to understanding the benefits and constraints of digital trade.
She forecasts that between 2005 and 2022, worldwide exports of digitally delivered services expanded by 8.1% year, far faster than the growth of 5.6% seen in exports of products. She notes the dramatic increase in services delivered across borders via digital networks.
She emphasized the relevance of e-commerce in promoting growth and trade as well as in providing jobs for women and young people, but she also noted that members are unable to fully maximize the advantages of digital trade due to development-related obstacles.
“Many countries are still lagging due to poor connectivity, outdated physical and digital infrastructure, inadequate digital financial services, deficiencies in digital literacy and skills, weak legal and regulatory frameworks, or any combination of these factors,” she revealed.
Amb. Athaliah Lesiba Molokomme, the WTO’s General Council Chair, stated that members recognized the need to enhance collaboration with other intergovernmental organisations.
