PROBLEMS OF INTERNATIONAL ELECTRONIC TRADE DEVELOPMENT

Abstract

The article explores the challenges hindering the advancement of international electronic commerce in the global trade landscape. It highlights the evolving role of international electronic trade and acknowledges recent positive trends. International e-commerce plays a crucial role in realizing new prospects, accelerating access to new markets, facilitating the search for partners, and streamlining, facilitating, and lowering the cost of the agreement-signing process in the context of contemporary economic realities. However, it underscores that introducing international electronic trade systems has given rise to economic and organizational issues concerning their interaction with traditional trade systems and regulating international economic relations. The article identifies critical problems affecting the development of international electronic trade and emphasizes that these issues impede its progress. The future of this sector of the global trade space largely depends on the market participants' ability to address these problems. Furthermore, the functioning of international electronic trade in the modern world economic system offers significant advantages for both sellers and consumers. The research suggests that the development of e-commerce is hampered by factors such as the substantial disparity in information and communication technology development, income levels, and infrastructure availability between leading countries and developing or least developed nations. Furthermore, it has been observed that there exists a lack of unified international legal standards to effectively govern e-commerce, and comprehensive evaluations needed to ascertain the scale of global e-commerce are absent. Another issue of concern is the proliferation of fraudulent activities within the electronic commerce domain, with a continual rise in the frequency of attacks that jeopardize safeguarding consumers’ personal data. Nevertheless, despite these challenges and deficiencies, this industry remains one of the most promising sectors, brimming with substantial potential for growth domestically and in foreign markets.