Stakeholders meet to get e-trade strategy development rolling

The UN Conference on Trade and Development (UNCTAD) and the Ministry of Trade and Industry kicked off their three-day national stakeholder consultations at Hilton Trinidad, Port of Spain, on March 19.

The consultations are designed to support an eTrade Readiness Assessment (eT Ready) by UNCTAD, and to develop a subsequent five-year national e-commerce strategy.

The strategy, which is expected to be completed by the end of the year, will be based on eT Ready’s analysis of the local digital and e-commerce ecosystem.

UNCTAD and the government signed an agreement last December after the trade ministry asked for the UN group’s support to develop a strategy, with policy governing many crucial components of e-commerce, such as privacy, taxation and competitiveness. It is expected to be completed by the end of 2024.

Dozens of ministries, government agencies, civil-society groups, logistics firms and corporate bodies represented the key stakeholders at the vigorous consultation exercise to discuss the challenges and opportunities for promoting e-commerce in Trinidad and Tobago.

The Trade Ministry said the development of the e-commerce and eT Ready strategy “will lay a solid foundation for the formulation of the national E-commerce Strategy, by providing key policy recommendations that will help outline strategic goals and define a set of priority actions for e-commerce development.”

The eT Ready and e-commerce strategy, it said, “will complement ongoing efforts (by the government) to accelerate its digital transformation and will continue to prompt socioeconomic prosperity and sustainable development, in line with (Vision 2030).”

The aim is that after the consultations, stakeholders would have a better understanding of the linkages across all e-commerce-related issues and a clearer vision of the contribution of e-commerce to TT’s overall development objectives.

Trade Minister Paula Gopee-Scoon, having returned from a trade mission to Ghana on March 17, delivered a pre-recorded address.

The national e-commerce strategy, she said, will be a key component in the development of a digital economy in TT.

“The government views e-commerce as a key driver of economic growth, as it not only enhances competitiveness and efficiency (but also) gives rise to new economic opportunities by allowing companies to reach customers globally, thereby providing opportunities for small businesses to flourish.”

UNCTAD said among the objectives are to bring together major e-commerce players; share and gather perspectives on the main challenges and opportunities for promoting e-commerce in TT; to gain a better understanding of the linkages across all issues related to e-commerce; and to develop a clearer vision of the contribution of e-commerce and the digital economy to TT’s overall development objectives.

The subsequent eT Ready assessment will provide an in-depth analysis of the e-commerce ecosystem in seven key policy areas; take stock of what has been done to date to avoid duplication; raise awareness and understanding of the opportunities offered by e-commerce; identify the key strategic actions for which support can be mobilised and see where other partners can come in with the best expertise; strengthen public-private dialogue and inter-ministerial co-ordination on e-commerce by involving multiple stakeholders; and finally, trigger e-commerce initiatives.

Torbjorn Fredriksson, head of UNCTAD branch, e-commerce and digital economy branch at the Division of Technology and Logistics, thanked the Trade Ministry for trusting the organisation to deliver the assessment and help develop the policy.

He said if the assessment is to be completed this year, it would have been done at “record speed,” and will require “good collaboration with the government and very good interaction with the stakeholders of TT.”

Some 36 similar assessments have been done primarily in developing countries around the world. TT is the second to take on the assessment in Latin America and Caribbean region, after Peru.

Fredriksson said he had read over TT’s pre-pandemic strategy and noticed an emphasis on the need for skills training.

“I think this is a very important thing. We’re not doing this to promote e-commerce or e-trade (for the sake of it). E-commerce is a typical example of (a sector vulnerable to) digital disruption.

“It can create fantastic opportunities if you’re ready to take advantage (of them).

“It can also be very challenging. If you have been doing your business…the same way (over two three decades, for instance), using traditional technology, and suddenly there are new kids on the block that are starting to compete with you using digital tools, (it) forces you to adapt.”

Fredriksson said this is challenging for unprepared businesses and often requires investment in specially trained and skilled personnel.

“The important thing when we talk about e-trade readiness, it’s about readiness to deal with the opportunities and the challenges that arise, and to do this in an environment that is evolving so fast.”