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Ministry framing policy to develop e-commerce

KARACHI: The Ministry of Commerce is finalising a policy framework for the development of e-commerce or digital trade in the country, according to the Economic Survey of Pakistan 2017/18 presented on Thursday.
The framework is being developed to deal with the regulatory regime, payment infrastructure, logistics and taxation issues related to e-commerce.
“E-commerce is not only a growing global industry, but is also one of the important pillars on which an increasing share of future business, financial and trading transactions will depend and there is a dire need to develop it in Pakistan,” the survey revealed.
Global business-to-consumer (B2C) sales through e-commerce have been $2.2 trillion and are expected to be doubled by 2021.
Digital platforms have changed the economics of doing business across borders by reducing the costs of international transactions, enabling micro, small and medium enterprises (MSMEs) to connect with the customers and suppliers around the world, it said.
“Pakistan needs digitalisation of its marketplace for maintaining its growth and upgrading the production processes and selling practices,” the survey notes, adding e-commerce holds the potential to unlock accelerated growth, conducive business, regulatory and legal environment in Pakistan.
It also said e-Commerce will facilitate Pakistan’s integration in the regional and global value chains, which are the new drivers of global trade. It is expected to expand the job market, especially for the youth who are well versed with internet and mobile applications.
The vibrant regulatory reforms in the arena of e-commerce will enable the country improve its participation in the negotiations at the bilateral and multilateral forums, it added.
Source: The News