E-normous role in Ja for Net

THE EMERGENCE of e-commerce and its re-definition of the business landscape in Jamaica was the subject of a seminar held by the Jamaica Institute of Bankers held at the Jamaica Conference Centre last Friday.

Addressing the seminar entitled "E- commerce -The gateway to achieving your strategic goals", the Minister of State in the Ministry of Industry, Commerce and Technology, Colin Campbell drew attention to the criticism levelled at the private sector for its failure to acknowledge the potential of the Internet and more particularly e-commerce.

He pointed out that no single force embodies the transformation of how business information is disseminated over the past decade more than the Internet and what took radio 40 years to achieve, the Internet has done in four.

He observed that the Internet has not only provided a fertile medium to spawn new businesses but with the advent of electronic commerce, it has forced traditional businesses to rethink, retool and re-energise themselves. E-commerce he declared is a global phenomenon that recognises no geographical boundaries.

Quoting latest United States statistics, he said e-commerce had reached US$171.4 billion in gross revenues in 1999 representing a 72 per cent increase over 1998 revenues of $99.8 billion.

Projections are that e-commerce could generate $6.9 trillion globally in revenue between 2003-2005. It is estimated he continued, that more than 50,000 U.S. companies generate some or all of their revenues from Internet related activities.

Implications

Speaking on the implications for Jamaica on the pivotal role e-commerce will play on the way business is conducted, he said: "Small economies such as Jamaica, therefore stand to benefit from the timely application of on-line technologies. For Jamaica to benefit from the global explosion in e-commerce, the Government will facilitate the emergence of a transparent approach to e-commerce. There will be a predictable legal environment to support global business and commerce to develop freely while ensuring adequate protection for the consumer. Where possible, rules will apply in the same way to electronic commerce as they do to more traditional commerce."

Although the merits of e-commerce are there for all to see nevertheless its accompanying legal problems pose a myriad of questions which cannot be easily answered. The Minister of State was forthright in addressing this tricky subject.

In Jamaica, our present legislative framework is under review to allow for electronic commerce transactions. The Ministry's Electronic Commerce Advisory Committee has led work in this area and already funds have been earmarked under the Ministry's INTEC Project to ensure that critical work required is done in the shortest possible time. The budget for the financial year 2000/01 has earmarked $50 million to complete this work. The legislation will provide a protective framework for both businesses and consumers and will ensure that Jamaica can participate fully and confidently in this growing business.

"Many businesses and consumers are wary of conducting simple business over the Internet because of the lack of a predictable legal environment governing transactions.

"This is particularly true for the international commercial community and especially Jamaica where concerns about enforcement of contract, liability, intellectual property protection, privacy, security and other matters have caused businesses and consumers to be cautious.

"Laws governing the above-mentioned areas will form part of the legislative review," he said.

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