FPCCI President Hails Prime Minister For Devising First Ever E-Commerce Policy

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FPCCI President hails Prime Minister for devising first ever E-Commerce Policy

President of the Federation of the Pakistan Chambers of Commerce and Industry (FPCCI) Eng. Daroo Khan Achakzai on Wednesday hailed the Prime Minister for devising first ever E-Commerce Policy and underlined the need for its implementation and facilitation to enhance competition and reduce transaction cost and facilitate the large companies as well as Small and Medium Enterprises (SMEs).

KARACHI, (UrduPoint / Pakistan Point News - 9th Oct, 2019 ):President of the Federation of the Pakistan Chambers of Commerce and Industry (FPCCI) Eng. Daroo Khan Achakzai on Wednesday hailed the Prime Minister for devising first ever E-Commerce Policy and underlined the need for its implementation and facilitation to enhance competition and reduce transaction cost and facilitate the large companies as well as Small and Medium Enterprises (SMEs).

In a statement, he added that E-Commerce trade in the country was currently an unexplored sector due to lack of awareness among the masses, weak regulatory mechanism for protection, insurance liability, lack of payment facilities and dispute resolution mechanism etc.

While quoting the statistics, he stated that the Global E-Commerce retail sales had reached US$2.9 trillion in 2018 followed by China US$ 600 billion and USA US$461 billion. India had also enhanced its trade of E-commerce to US$ 25 billion.

He also highlighted the State Bank of Pakistan (SBP) statistics which indicated the mobile phone services in the country covered 92 percent area while the users of mobile phone were 72 percent of total population of the country, 30 percent broadband subscriber and 28 percent 3G/4G subscribers but the use of this technology was very low in mobile money, banking transactions, retail trade, online shopping, utility transfers, education and health, transfers of funds, communication through mail etc.

the reason behind the low usage was lack of awareness and low technical skills.

Achakzai added that E-commerce policy had envisaged the setting up of a National E-Commerce Council comprising representatives of public and private sectors and emphasized that the FPCCI representatives should also be included in that Council to represent the voice of trade and industry apex body and safeguard their business interests.

The President FPCCI also urged the SBP to develop mechanism for directaccessing to Paypal and other financial services that would help in enhancing E-commerce trade and improving ranking of the country in global E-Commerce trade as currently Pakistan was ranked at 120 among the different countries of the world, which was far behind the regional countries including China, India, Bangladesh, Nepal and etc.

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