New Delhi, March 14: 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. Instagram New Feature Update: Meta-Owned Photo and Video Sharing App Working on ‘Spins’ Feature to Allow People To Swap Out Text or Audio in Your Reel, Says Report.

"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. OpenAI Accidental Leak Reveals Upcoming GPT-4.5 Turbo, Likely To Have Upgrades in Speed, Accuracy and Scalability; Check Details.

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.

(The above story first appeared on LatestLY on Mar 15, 2024 10:12 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).