Gulf mulls ways to regulate e-commerce
The six Arab countries of the GCC (Gulf Cooperation Council) are currently reviewing a law regulating electronic trade in the region. The issue will be discussed at a meeting of the GCC ministers of trade to be held September 9.
According to figures released by the organization, commercial trade between GCC states and the rest of the world amounts to US$214 billion a year. GCC members are currently studying estimations of the forecasted volume of e-commerce between the region and the rest of the world, assuming international e-commerce will be growing by 30 percent a year.
One option being considered by the GCC member states is setting up an institution — or a joint body of institutions — to answer pressing e-trade legislative issues. These would include the verification of e-signatures and the installation of reliable e-commerce platforms.
GCC officials hope to reach an agreement on the launch of a major campaign among the gulf’s commercial institutions, in order to familiarize them with Internet and e-commerce. Another goal is to encourage the private sector to explore e-commerce opportunities, as means of strengthening competitiveness in today’s global economy. — (Albawaba-MEBG)