E-Commerce Symposium to transform trade and empower entrepreneurs
September 23, 2024 10:15 pm | Posted in Business News | Share now TwitterFacebook
By Adorina Massing.
E-Commerce, or digital trade, has the potential to revolutionise the way businesses operate and how consumers engage in economic activities.
The 2-day E-Commerce Symposium was launched yesterday, 23rd of September, at Feiawa Park, with the theme ‘E-Commerce: A Driver of Sustainable and Inclusive Economic Growth in Vanuatu.’
Minister of Finance, Acting Prime Minister, and Acting Minister of Trade and Commerce, Johnny Koanapo, remarked in his official speech that the E-Commerce Symposium is now becoming an annual event.
“The E-Commerce Symposium provides a valuable platform for stakeholders to come together and discuss the potential of e-commerce in the country,” he said.
“To define e-commerce, or digital trade, it encompasses various aspects such as cross-border data flows, online services, and the trading of goods and services through digital platforms. It opens up new avenues for entrepreneurs, particularly Small and Medium-Sized Enterprises (SMEs), to reach a global customer base and compete on an equal footing with larger companies.”
Minister Koanapo noted that it enables individuals in remote areas to access a wide range of goods and services, providing them with greater choices and convenience.
“E-commerce or digital trade can contribute to job creation and skills development, as it requires a workforce with digital literacy and expertise in online marketing and logistics,” he said.
“By harnessing the power of e-commerce, we can improve the competitiveness of our local industries and expand our export potential, contributing to the overall economic development of Vanuatu.
“Research conducted by Economic and Social Commission for Asia and the Pacific (ESCAP) has shown that a 1% increase in digital trade value is associated with a 0.8 percentage point rise in the growth rate of an economy’s real GDP per capita. This demonstrates the impact that digital trade can have on our economic growth.
“Over the years, we have seen the growth of e-commerce sales globally, with a 60% increase from 2016 to 2022.”
The Minister further explained that this is why the Government has taken steps to support e-commerce development by endorsing a National E-Commerce Strategy and establishing a national e-commerce committee in 2022.
“We are fortunate to have the support of our development partners in this endeavour. Recently, the Pacific Islands Forum Secretariat (PIFS) has offered the E-Commerce Business Toolkit to support our private sector,” he said.
“Additionally, the governments of Australia and New Zealand are providing support through the Pacific Agreement on Closer Economic Relations (PACER) Plus agreement.”
“While E-Commerce does have risks, it is important to take various measures to address the relevant issues. Therefore, I encourage government officials to fast-track the update of our outdated laws and regulations to support the E-Commerce ecosystem in our country. This includes legislation to protect consumer rights and data privacy, as well as establishing a secure and efficient payment system to facilitate online transactions.”
The Minister elaborated that government officials should also collaborate with relevant stakeholders, such as banks, telecommunications companies, and logistics providers, to create a conducive environment for e-commerce growth and enhance its economic competitiveness on a global scale.
“Government officials should actively engage in exploring collaborations and partnerships with our key markets through free trade agreements. These agreements should specifically address our digital trade chapters, as digital technologies have the transformative potential to drive progress towards our sustainable development goals,” he said.
“By leveraging these technologies, we can stimulate economic growth, promote innovation, and address societal challenges. Therefore, it is vital for participants in this symposium to fully embrace the networking opportunities available, as collaboration and partnerships are essential in harnessing the benefits of digital technologies and accelerating our journey towards sustainable development.”
As the Acting Minister responsible for Trade and Commerce, Minister Koanapo encouraged both the private sector and government officials to recognise their important role in realising the vision of e-commerce or digital trade as a driver for sustainable and inclusive economic growth in Vanuatu.
The 2-day E-Commerce symposium will feature events during Vanuatu Made Trade Week on Monday and Tuesday, with panel discussions and presentations from distinguished guests and speakers to shed light on E-Commerce in the country.
