News

Digital trade records robust growth says WTO

May 9, 2023 12:15 pm

[Source: File]

Digitally delivered services have increased fourfold since 2005, rising 8.1% each year between 2005 and 2022, outpacing goods and other service exports.

The World Trade Organization says this is an industry that small economies can invest in to be part of the growth momentum in the Southeast Asia and Pacific region.

WTO’s Senior Statistician Barbara D’ Andrea Adrian told FBC News that small economies like Fiji can take advantage of the regional growth momentum given that digitally delivered services export now represents 54% of global services trade.

Article continues after advertisement

“Pacific Island should take this opportunity that is offered by trade in services provided remotely through digital means. Very often they have a good digital infrastructure precisely because they are remotely located.”

Outsourcing Fiji’s Executive Director, Sagufta Janif, says Fiji has room to grow, but certain criteria’s need to be met.

“We can definitely grow but we need to ensure that we have the right talent pool of people available, we have the infrastructure available, ready office buildings, we need to have second cable landing station, right now we’re just connected to the southern cross cable and if something happens like what happened in Tonga, the entire industry will be disrupted.”

Janif says the absence of data protection laws and alternative cable landing stations are challenging Fiji’s ability to fully penetrate the digital trade platforms.

Fiji’s digital trade industry is valued at $238 million.

 

Stream the best of Fiji on VITI+. Anytime. Anywhere.