APAC region to surge to $6.146-trn market by 2030

Hyderabad: Fuelled by e-commerce and its role in driving economic development and expanding trade, the APAC region is projected to surge from a $2.9 trillion market value in 2022 to $6.146 trillion by 2030. According to a United Nations Economic and Social Commission for Asia and the Pacific (UN-ESCAP) study, online purchases are estimated to account for about 19.4 per cent of total purchases in 2023. In line with this, the Indian Council for Research on International Economic Relations (ICRIER), in collaboration with UN-ESCAP successfully concluded the inaugural Asia Pacific E-Commerce Policy Summit.

Santosh Kumar Sarangi, Director General, Directorate General of Foreign Trade (DGFT), Ministry of Commerce & Industry (MoC&I), emphasized the need for a mindset shift amongst trade regulators to keep in mind the changing export landscape.