A unified voice is needed for progress on digital trade
Written by Mark Evans
In light of UN’s E-Commerce Week Geneva and the Commonwealth Heads of Government Meeting 2018 commence, the International Chamber of Commerce (ICC) United Kingdom has made calls for a cohesive voice on digital trade from the developed and emerging markets.
The ICC sees mis-aligned national regulations, poor infrastructure, low use of electronic payments, undeveloped legal systems, low purchasing power, lack of enforcement capability and low levels of digital skills all contributing to slowing progress. However, it believes these issues could be solved, and the policies, frameworks and resources exist to address them if governments can work together.
The ICC cites a potential market of 1bn people under 25 years old in Africa by 2030, a USD1tr Commonwealth GDP, and an additional 47 per cent of the global population – currently not online could have access to global markets via the internet – further expanding digital trade worth USD25tr.
With the concept of digital trade comes a likely increase financial inclusion and greater gender inequality - all UN Sustainable Development Goals.