The National Assembly yesterday approved a draft of the much-awaited E-commerce Law, a piece of regulation expected to play a critical role in helping the Cambodian economy adapt to the digital era.
Presenting the bill at a plenary session yesterday, Commerce Minister Pan Sorasak said the E-commerce Law will be of critical importance in promoting online business activity in the Kingdom and noted that it will help build trust among service providers and buyers.
“The law will pave the way for Cambodia to develop its digital economy. It will help the country get ready for the Industrial Revolution 4.0,” he said, using a popular term for the current trend of automatisation and digitalisation seen in businesses and industry.
The current draft of the law was approved by the Council of Ministers in July this year. Next, the law will be sent to the Senate for further deliberation before it reaches the Constitutional Council. The last step will be for King Norodom Sihamoni to sign the document.
Yesterday, Minister Sorasak said the current draft has 12 chapters and 67 articles.
“Work on the e-commerce legislation began in 2012 with the technical assistance of the Asian Development Bank and has been verified against a sample law of the United Nation,” he said.
The minister said small and medium enterprises stand to benefit greatly from the upcoming law, which will help their regional local and global supply chains. The law also encourages innovation, the minister said. Cambodia aims to transition into a predominantly digital economy by 2023.