EXCLUSIVE INTERVIEW

Would you like to tell us how DCO’s work and activities specifically touch upon e-commerce and the digital economy?

The DCO is focused on empowering youth, women and entrepreneurs, leveraging the accelerative power of the digital economy and leapfrogging with innovation to drive economic growth and increase social prosperity. Through cooperation, dialogue and the creation of mutually advantageous cross-border legislation, we seek to establish within our member nations the optimal infrastructure and policies for the rapid creation of inclusive and equitable digital economies within which all people, businesses and societies can innovate and thrive. We also seek to strengthen digital transformation agendas globally.

What type of support do you offer to enable digital prosperity for all and accelerate the inclusive growth of the digital economy?

The DCO was founded in November 2020 to enable digital prosperity for all by accelerating the inclusive growth of the digital economy. That is why countries are working together through the DCO to ensure that we can connect them with global opportunities.

Some of our key initiatives include:

• The DCO Center of Excellence for Cross-Border Data Flows is a think tank focused on cross-border data flows. Through research, knowledge sharing, policy advocacy, facilitation, trainings and consultations, the Center will support evidence-based policymaking and regulation to accelerate the growth of the digital economy across DCO member countries. 

• The DCO’s Digital Prosperity Awards aims to develop digital skills among youth and increase the visibility of new digital ecosystems and centres of innovation. They will reward countries, organizations and communities that drive digital progress and accelerate the growth of the digital economy. 

• The DCO Observatory for Digital Empowerment is a recognition by the DCO member states that current cultural, societal, economic and regulatory factors are limiting the empowerment of certain groups in the digital economy and furthering the digital divide.

• STRIDE is a DCO initiative facilitating the cross-border expansion of small- and medium enterprises (SMEs) and innovation driven enterprises (IDEs) through a digital entrepreneurial ecosystem. This initiative will empower SMEs and start-up In DCO member states by offering a wide range of services. 

• IMPACT advocates for a multilateral partnership framework that facilitates the adoption of digital solutions, promotes knowledge sharing, fosters digital ecosystems and builds capabilities, all aimed to accelerate digital transformation. 

• The Digital Cooperation Organization Startup Guides initiative is an unparalleled resource designed to empower foreign entrepreneurs and facilitate the startup establishment process as they embark on the transformative journey of expanding their companies across the DCO Member States. 

• DCO/WEF Digital FDI programme that focuses on identifying methods to increase digital adoption, investment in new digital activities, and investment in digital infrastructure.

According to your organization, what are the key challenges that developing countries will have to tackle in order to fully reap the benefits of e-commerce for sustainable development?

The DCO launched the first edition of the Digital Economy Trends report 2024, aiming to provide an outlook on digital economy trends, their supporting enablers, and recommended actions. The recommended actions for each trend themes are provided to assist decision-makers in identifying key digital growth opportunities, addressing market gaps, and gaining perspective on sustainable and responsible emerging technologies and their applications. 

Developed through a state-of-the-art methodology, the Digital Economy Trends 2024 report covers six trend themes expected to exert significant influence on the digital economy and act as pivotal factors shaping the evolution and transformation of the digital landscape: Artificial Intelligence (AI), Trust Economy, Digital Reality, Cybersecurity, Smart Ecosystems, and Green Economy, each comprising several trends that converge and collaborate, creating a network of influences that collectively shape the future of the digital economy.

With the development of this digital economy trends 2024 report, the DCO proposes to provide guidance and a basis for multi-stakeholder collaboration to accelerate the progress to achieve UN Sustainable Development Goals (SDGs), and to boost an all-inclusive, safe, and sustainable digital economy.

What prompted DCO to join a multi-stakeholder partnership such as eTrade for all and what are your expectations out of it?

With the abundance of opportunities, the digital economy brings formidable challenges. In a world where data, ideas, and services flow between borders, it’s increasingly important for all stakeholders to come together and shape a more inclusive vision for a shared digital future.

Only through enhanced global cooperation models will it be possible to address associated challenges, make the most of the opportunities offered, and create a more inclusive and effective digital economy. Specifically, e-commerce offers unprecedented opportunities that touch upon different aspects of the digital economy such as access to technology, access to markets, digital skills, or taxation.

By exchanging regularly on trends and opportunities and collaborating across sectors on issues pertaining to e-commerce, partners at eTrade for all can play a crucial role in building bridges in the digital economy between countries, political groups, and the public and private sectors. They can help build up robust digital ecosystems and act as mediators so that the private sector and governments become partners rather than competitors, and work together to create innovative ways to foster a more inclusive digital economy at the global level.

Is there something else you would like to share with the eTrade for all community?

Our recent “Bridging the Gap: Where Cooperation is the Key to Inclusive Prosperity” report launched at the 2023 WEF Annual Meeting identified key barriers that need to be overcome to enable a more equitable digital transformation around the world and ensure more societies can take advantage of the burgeoning digital economy, including e-commerce. These include:

• Cost-prohibitive digital access: Our survey revealed that businesses and consumers believe the high cost of digital technologies is the main barrier to participation in the digital economy – 48% of consumers cited cost as the principal reason.

• Insufficient digital skills and training: A lack of digital skills is a huge impediment to digital economic transformation around the world. 60% of people in lower- and middle-income countries lack basic computer skills. Without digitally savvy staff, businesses are unable to take full advantage of the technology available.

• Inadequate support for SMEs and entrepreneurs: Small and medium-sized enterprises struggle much more than larger companies to keep up with the digital transition and to harness its benefits. Most importantly, they need access to funding and training in order to compete with larger companies in the digital sphere.

• Ineffective policymaking: The lack of effective digital policymaking is another fundamental challenge in many countries. While digital transformation strategies may exist, there is often a lack of will and knowledge on the part of government to successfully implement the strategies.

• Outdated digital policies: Ineffective digital public policy and regulation can hinder the development of a country’s digital economy and the indispensable participation of the private sector. Policies and regulations are often outdated and fail to keep pace with technological developments in the digital sphere.

• Limited global or regional data standards: The lack of harmonized standards around data flows and data privacy makes it hard for companies to conduct business across borders. One nation may advocate for the free flow of data, while others may have erected barriers to cross-border data flows.

• Few robust and ambitious cooperation mechanisms: The current state of digital cooperation is inadequate, with conversations about digital transformation often dominated by the developed world and Big Tech, excluding poorer countries, small and medium- sized enterprises, marginalized groups and other stakeholders with limited budgets and expertise. 

The Report highlights the need for greater international, multilateral cooperation to close the digital divide and ensure all nations can benefit from digital economies.

The report draws on an extensive global consultation with experts from multiple sectors and regions, that was undertaken by the DCO as part of its mission to empower member states to develop their digital economies and create prosperity and growth. Included in the report is an in-depth look at the challenges facing nations, especially smaller and developing nations, to gaining equal access to digital economies, and a review of some of the initiatives that are helping to bridge the digital divide.

Bridging The Gap Report was compiled from a diverse range of original research and conversations, including a unique series of five round tables in five cities on five continents – Bangkok, Brussels, Kigali, New York, and Santiago – which brought together over 300 experts in development and technology to discuss the digital divide. A new survey of 1,000 businesses and consumers from 12 countries was conducted, as well as interviews with 37 digital economy experts and knowledge reviews of existing publications.