The Hindu Business Line : Indian Ocean Rim members seek unified regulatory framework for e-commerce

CONSIDERING the significant economy advantage that electronic commerce offers, experts from the Indian Ocean Rim countries have urged the member countries to evolve a unified and harmonised regulatory framework for e-commerce among the members of the Rim.

Speaking at a round-table on `Indian Ocean Rim E-commerce' - jointly organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) and Ministry of External Affairs here, participants from Indian Ocean Rim countries maintained that though enormous opportunities exist in this area, there is no systematic regulatory framework to deal with cross border taxation and policy issues.

In a presentation, Mr Rahul Garg, Executive Director, PricewaterhouseCoopers (PwC), said

e-commerce has the advantage of bringing small corporations and individuals to the global market. It also helps in taking advantage of electronic trading in finance, commodity market and other important business area. It also provides advantage to small firms in terms of reduced cost and companies are able to by-pass traditional links in the supply chain.

Regarding policy issues which need immediate attention Mr Garg said technology is dynamic while Government legislations are dated. Hence, quick response from the regulator is required.

A study conducted for FICCI by International Business Consultants (IBC) on e-commerce opportunities in the Rim region states that Internet access among customers and SMEs is very limited in India. The current level of Internet usage is low among the businesses and users.

Further, poor telecom and infrastructure for reliable connectivity is another barrier for adoption of e-commerce in India. While Internet connectivity is slow, access costs are high and connections are unreliable, it stated. There were also multiple gaps in the current legal and regulatory framework, the study pointed out.

Multiple issues of trust and lack of payment gateways was another hindrance for the adoption of e-commerce in the country as there is no security and confidentiality of data.

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