APAC's market value expected to reach over $6 trillion by 2030

New Delhi: Fuelled by e-commerce and its role in driving economic development and expanding trade, the APAC (Asia-Pacific) region's market value is expected to rise from $2.9 trillion in 2022 to $6.146 trillion by 2030, experts said on Thursday.

Leverage platforms like ONDC, Amazon, and eBay to promote traditional exports, utilising their extensive user base and robust infrastructure for effective digitisation and promotion, said experts at the APAC E-commerce Policy Summit.

"MoUs with private players, such as Amazon and DHL, assist small enterprises in joining global value chains by providing comprehensive services," said Santosh Kumar Sarangi, Additional Secretary & Director General, Directorate General of Foreign Trade (DGFT), Ministry of Commerce & Industry.

"Cross-border e-commerce exports offer a streamlined pathway to achieve India's export potential and integration goals, crucially dependent on regulatory adaptation and infrastructure enhancement," he added.

As per experts, customer trust and convenience are crucial in cross-border payments.

"UPI, for instance, has truly transformed money transfers by simplifying the entire process. Technology has made commerce and payments more accessible. It has bridged the gap between traditional complexities, making commerce and payments more accessible," Mahendra Nerurkar, VP of Payments for APAC MENA & LATAM, Amazon, said.

In addition, the experts stated that there are ample opportunities for e-commerce growth, however, regional policy cooperation is essential to assist MSMEs in integrating into global value chains and promoting economic inclusivity.