Minister for Commerce Khurran Dastgir Khan on Friday said that e-commerce in Pakistan was expected to reach $1 billion by 2020. "Our legislature is working hard to update the rules and regulations governing digital trade", he said while inaugurating a Seminar on "Friends of E-commerce for Development" in Geneva. The seminar was attended by large number of WTO members and ambassadors, and they appreciated the initiative taken by Pakistan.
The seminar was co-ordinated by Dr Tauqir Shah, Pakistan's ambassador at WTO. The group comprises of Costa Rica, Nigeria, Kenya, Sri Lanka, Argentina and Uruguay. Country experience from Sri Lanka, Argentina, Nigeria, Pakistan and ASEAN, were presented and debated.
Representatives of world bank, WTO Etrade for all, EBay, Alibaba and Mercado Libre made presentations on how e-commerce helps businesses and trade in developing and Less Developed Countries (LDCs). Pakistan leaded the E-Commerce for development debate at WTO. Pakistan's efforts for making e-commerce in developing world friendly was lauded by the participants.
Speaking on the occasion, Khurram Dastgir Khan said e-commerce was an inescapable fact of life; it has grown beyond our imagination. The digital economy, he said emerged as an unstoppable giant that was growing at 10 percent a year, more than triple the rate of overall global economic growth.
He said, "Digital is no longer a part of the economy it is becoming the economy. Internet revolution contributes 8% of global GDP, The development of mobile broad band holds the promises to bring billions more online, thus narrowing the digital, economic, physical and educational divide. The internet of things or internet of everything has the potential of contributing $11 Trillion to global GDP by 2025."
The commerce minister said internet related consumption and expenditure had already surpassed the size of the global agriculture and energy sectors. But only a small proportion of this was happening in LDCs and developing countries. He added that it was this reality which motivated our group of like-minded countries to launch, Friends of e-Commerce for Development. Key motivation being to narrow the knowledge gap, that exists between members in understanding and appreciating different dimensions of Commerce.
The Commerce Minister Khurram Dastgir Khan said Friday's seminar was first major initiative of Friends of Ecommerce for Development, rather I would say it is a joint initiative of "Friends" of Friends of Ecommerce for Development. This event has only been possible through exemplary support of WTO, UNCTAD, ITC, World Bank and all members of the group namely Costa Rica, Argentina, Sri Lanka, Nigeria and Kenya.
"We welcome on board, Uruguay our new partner. Ladies and gentlemen, an over view of today's agenda clearly acknowledges two things, Ecommerce is multidimensional and multi-agency and it requires very close private public partnership, and inter agency co-ordination", he remarked.