*Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation, along other speakers at the Aid for Trade Global Review, asserts the digital economy presents immense opportunities for growth, innovation, development and inclusivity in Africa and other developing economies, noting 鈥榯rade in digitally-delivered services is the fastest growing segment of global trade鈥�

Gbenga Kayode | 绿帽献妻

The World Trade Organisation (WTO) has highlighted the opportunities the digital economy offers to advance digital trade, growth and innovation in developing countries around the globe.

The WTO recently discussed these benefits when it recently constituted a 鈥渉igh-level panel鈥� to enumerate the development opportunities offered by the digital economy.

绿帽献妻 reports the UN global trade body, at the forum tagged, 鈥淗arnessing The Benefits of Digital Trade鈥�, at the Aid for Trade Global Review, speakers discussed the potential of digital trade to support growth and innovation in developing economies.

The discussants also analysed the rapid expansion of digitally-delivered services and the significance of building the necessary infrastructure to help countries to participate in the digital economy, WTO report on its Web site said.

The members of the high-level panel equally highlighted challenges and opportunities for developing economies, particularly African countries, in exploiting their digital trade potential were also discussed.

Speakers also underlined the need for improved digital connectivity, a supportive regulatory environment and trade capacity building.

Okonjo-Iweala: Digital economy offers 鈥榠mmense opportunities鈥� for innovation, inclusivity in Africa, other developing world

Delivering her opening remarks, Nigerian-born Dr. Ngozi Okonjo-Iweala, Director-General of WTO, said: 鈥淭he digital economy presents immense opportunities for growth, innovation, development and inclusivity.

鈥淭rade in digitally delivered services is the fastest growing segment of global trade, growing at an average of 8 percent per year since 2005, and quadrupling in value to reach $4.25 trillion in 2023.鈥�

The Director-General of WTO stated: 鈥淭his growth is faster than growth for trade in goods and even for other services.

鈥淚t’s particularly promising in Africa, and it’s promising in other developing parts of the world.鈥�

Why developing economies should upgrade digital infrastructure: Amb. Tan

The global trade body disclosed Amb. Hung Seng Tan of Singapore provided some insights into what developing economies could do to achieve greater integration into the digital economy.

Amb. Tan emphasised that it is important for developing economies to fully embrace digital trade because it is becoming the engine of economic growth.

The envoy also encouraged developing economies to participate in the formulation of digital trade rules in the WTO and develop their digital infrastructure.

According to him, such digital trade regulations encompass issues, such as digital identity, authorisation and consent, e-payment interoperability, and data exchange.

In his contribution at the Aid for Trade Global Review, Mr. David Yardley, of the Australian Department of Foreign Affairs and Trade, presented an update on the e-commerce negotiations taking place at the WTO under the joint statement initiative.

Yardley opined the digital trade rules could optimise the benefits of the digital economy. He also emphasised that digital trade rules could promote the interests of consumers and support inclusion, helping to bridge the digital divide.

While rulemaking plays a role in helping create coherence, it needs to be looked at through the Aid for Trade lens to ensure that the potential created by having consistent rules is realised, he noted.

The need to reduce cost of Internet access, build robust digital infrastructure

Speaking at the forum also, Ambassador Usha Dwarka-Canabady of Mauritius said that in order to bridge the digital divide in Africa, there is a need to reduce the cost of Internet access and ensure a robust digital infrastructure.

It is also important to implement effective regulatory frameworks and enhance the digital capabilities of small and medium-sized enterprises to fully harness the potential of digital trade, she added.

Ms. Victoria Kwakwa, Vice-President, Eastern and Southern Africa, at the World Bank, outlined the Bank’s work on the digital agenda, including a programme up to 2030 which will prepare countries for participating more fully in the digital economy.

The programme addresses issues, such as the digital divide and the lack of hard and soft infrastructure among other things.

Ms. Kwakwa reportedly said that the joint work of the WTO and World Bank on the Digital Trade in Africa initiative aims to bring greater analysis to the digital trade policy question.

The work has been finalised for Benin, C么te d’Ivoire, Ghana, Nigeria and Rwanda, stated the WTO.

The World Bank Vice-President for Eastern and Southern Africa noted: 鈥淲hat we realise is that we need globally to work more in partnerships.

鈥淭he challenges are huge, and working in partnerships gives the opportunity to make the whole bigger than the sum of its parts. And this is what we’re doing with the WTO.鈥�

Johanna Hill, Deputy Director-General emphasised the importance of digital transformation, highlighting its impact across various sectors, such as agriculture, services and manufacturing.

According to the speakers, digital technologies are seen as key drivers of economic development and inclusivity, with significant growth opportunities, especially in Africa.

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