Australia has the highest global E-trading market, according to the G20 e-trade Readiness Index
The index, compiled by the Economist Intelligence Unit in conjunction with Ebay, compares 19 countries based on a wide range of indicators. The report was released on Monday 14th July in the lead-up to the G20 trade ministers’ meeting in Sydney, which focused on expanding global e-trade opportunities.
Performance was measured based on five key areas: investment climate, internet environment, international trading environment, regulatory legal frameworks and e-payment readiness
According to the report, Australia received the highest overall ranking because of its affordable internet access, well-developed framework, high smartphone penetration and high usage of electronic payment methods.
Ebay Vice Presedent of Government Relations Ted Cohen attended the meeting in support of recommendations to reduce barriers that limit online trading.
“It is now more important than ever that we create a global environment that enables all businesses to reap the benefits of an interconnected world,” Mr. Cohen said.
The United States placed second on the list and ranked highest in terms of investment climate. South Korea was deemed the 3rd most e-trade ready nation, followed by the UK and Japan.
The report suggests that Australia’s geographic location has played a significant role in strengthening online trading.
“Geography and history also seem to encourage the development of e-trade—three out of the top five countries (Australia, the UK, Japan) are both developed and island nations whose economies have long relied on international trade” the report says.
It is predicted that Australia will continue to improve if the country adopts more competitive domestic and international shipping systems.
Ted Cohen said that more can be done to create a level playing field for smaller businesses and retailers.
“Our vision for a more connected form of commerce is one that is more inclusive, open, and diverse – and e-trade readiness is at the core of making the vision a reality.”
The report indicates that Australia’s investment climate could further improve with increased access to finances for entrepreneurs.
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