Online trade, or E-trade, basically encompasses all factors that countries use to create a selling and buying environment online. When it comes to online trade, things such as legal framework, the availability of E-payments, cross-border trading, and the investment climate all make up the size and availability of online commerce or trade, and these factors are the ones that Australia is working on currently to place themselves in a leading position when it comes to online trade in today’s modern world.
For centuries, many countries, with Australia included, have relied on global trade to boost their economy and get the trade ball rolling, and the popularity of E-commerce and internet shopping has changed this global trade completely. With the internet and online trade, however, companies of all sizes can take advantage of the ITC, or information and communication technologies, in order to take their trade up a notch on a global scale.
Global trade is also impacted by regulations that countries may have in place either limiting or opening various borders in order to trade successfully. In this aspect, Australia also promotes a very positive online trade environment. By taking steps to limit certain customs regulations and opening trade borders for small parcels, as well as products shipped in bulk, Australia has allowed itself to become one of the most open countries in the world in terms of accepting global online trade.
In terms of what this global online trade means to Australia, one report projected that cross-border online shopping would increase in Australia by a whopping 300% within the next five years. With Australia’s internet availability, combined with their access to global trade and regulations allowing global trade to be done far more easily, this has placed the country in a prime position to become a global online trade leader.