Digital Economy and Trade
Global flows of goods, services, and money have historically underpinned socioeconomic developments. The most direct way for individuals to participate in such flows is just a few clicks away. Digital platforms like Amazon and Alibaba are among the largest e-commerce companies in the world, facilitating market information exchanges and reducing transaction costs. Even the COVID-19 pandemic could not confine individuals’ urge to consume; in fact, consumers went online and shopped even more.
The revival of the post-pandemic digital economy and trade was fraught with pre-existing challenges like the digital divide; fragmentation in the digital regulations; and unequal market power between micro, small, and medium enterprises (MSMEs) and big players. Since 1998, the World Trade Organization (WTO) has been working on customs duties, taxation, and trade barriers related to e-commerce. During WTO negotiations, members deliberate on a wide range of relevant issues including cybersecurity, electronic transaction frameworks, consumer protection, and privacy. UN Conference on Trade and Development’s (UNCTAD’s) work programme on e-commerce and the digital economy provides crucial services in research and analysis, consensus-building among governmental experts, and technical assistance. Lastly, the International Trade Centre (ITC) strengthens the digital business ecosystem by collaborating with market partners; enabling business service organisations to aid MSMEs; and supporting informed policymaking at national, regional, and international levels.
