A framework for the regulation of online trade and e-commerce within the Gulf Cooperation Council (GCC) region will soon be released, according to a key official of the Emirati Ministry of Economy.
Hassan al Kilani, Senior Legal Advisor at the Ministry, shared that the new framework will replace outdated legislation and seek to stay abreast of modern developments in online trade.
Speaking to the Observer on the sidelines of the E-commerce Forum held earlier this week, Al Kilani said the new framework will allow each country to create their individual e-commerce laws within the context of the framework. “The difference between a unified regulatory framework and a unified law is massive. Coming up with this innovative idea for regulatory framework will allow every single country in the GCC to create their own local law within the remit of the regulatory framework.”
Furthermore, the official shared that framework will act as an enabling tool. “[When treated as an enabling tool] it will extend indemnity and safeguards to traders and consumers. So, this will develop trust to buy online, and to buy smart applications.
Additionally, the official believes that it will also allow the GCC e-commerce and digital market to thrive, and to expand beyond the region.
In 2023, revenues of the GCC e-commerce market reached $25.66 billion according to Statista. The figure is expected to grow by a compound annual growth rate of 9.93% to reach $$46.88 billion by 2029. Furthermore, the number of buyers is expected to reach 30.7 million by 2029.
The framework, which has been under development for the past two years, is now it in its final stages and is expected to be released soon.
Oman Observer