GENEVA: Minister for Commerce Khurram Dastgir Khan Friday said that e-commerce in Pakistan was expected to reach $1 billion by 2020.

“Our legislature is working hard to update the rules and regulations governing digital trade", he said while inaugurating a Seminar on "Ecommerce for Development" in Geneva.

Pakistan organised the seminar on "e- Commerce for Development", it was attended by large number of World Trade Organisation (WTO) members and ambassadors. All heads of agencies greatly appreciated the initiative taken by Pakistan.

The group comprises of Costa Rica, Nigeria , Kenya, Sri Lanka, Argentina, Uruguay.

During the seminar country experiences from Pakistan, Sri Lanka, Argentina, Nigeria, ASEAN, were presented and debated.

Speaking on the occasion, Khurram Dastgir Khan said that commerce was an inescapable fact of life, it has grown beyond our imagination. The digital economy, he said has emerged as an unstoppable giant that was growing at 10 per cent a year, more than triple the rate of overall global economic growth.

"Digital is no longer a part of the economy - it is becoming -- the economy. Internet revolution contributes 8% of global Gross Domestic Product (GDP), the development of mobile broad band holds the promises to brings billions more on line, thus narrowing the digital, economic, physical and educational divide, the internet of things or internet of everything has the potential of contributing $11 trillion to global GDP by 2025".

The commerce minister said internet related consumption and expenditure has already surpassed the size of the global agriculture and energy sectors. But only a small proportion of this is happening in LDCs and developing countries.

He added that it was this reality which motivated our group of like-minded countries to launch, Friends of Commerce for Development.

Key motivation being to narrow the knowledge gap, that exists between members in understanding and appreciating different dimensions of e-Commerce.