KARACHI: Eng. Daroo Khan Achakzai President of the Federation of the Pakistan Chambers of Commerce and Industry (FPCCI) hailed the Prime Minister of Pakistan for devising first ever E-Commerce Policy and underlined the need of its implementation and facilitation to enhance competition and reduce transaction cost and facilitate the large companies as well as Small and Medium Enterprises (SMEs).
He added that E-Commerce trade in Pakistan is currently an unexplored sector in Pakistan due to lack of awareness amongst 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 has reached US$2.9 trillion in 2018 followed by China US$ 600 billion and USA US$461 billion. India has also enhanced its trade of E-commerce to US$ 25 billion. He also highlighted the State Bank of Pakistan statistics which indicate the mobile phone services in Pakistan covered 92 percent area while the users of mobile phone are 72 percent of total population of Pakistan, 30 percent broadband subscriber and 28 percent 3G/4G subscriber but the use of this technology is 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 is lack of awareness and low technical skills.
He added that e-commerce policy framework has 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 direct accessing to paypal and other financial services that will help in enhancing E-commerce trade and improving ranking of Pakistan in global E-Commerce trade as currently Pakistan is ranked at 120 among the different countries of the world, which is far behind the regional countries including China, India, Bangladesh, Nepal and etc.