Phillip Paulwell, Minister of Commerce, Science and Tech-nology who addressed business leaders in Montego Bay on Friday, said the Electronic Transactions Act, is to be implemented as early as the end of the fiscal year in March.

CRITICAL

"This Act is absolutely critical because the world is moving towards greater remote services," he told The Gleaner after the meeting. "It is estimated that by next year e-commerce worldwide will reach US$500 trillion and without an E-transaction Act we will not have the confidence and the standardisation to have the international link for Jamaica to be a part of that."

Mr. Paulwell pointed out that he could not give a monetary figure on how many e-transactions are being done on the island because an assessment was currently being done. He said to his knowledge, most of the island's e-commerce was being done externally.

LOCAL CREDIT CARDS

"That is people are actually purchasing Jamaican goods and services from abroad using American credit cards," he explained. "But when this Act is passed much more will be done internally with the use of local Jamaican credit cards."

The Minister said the Act would further ensure that consumers conduct business easily. "It will ensure the convenience of our own consumers, because they will do business from home, offices, schools and so on."

"And also very importantly, it will enable the government to become an on-line government to provide e-government services and enhance services to the public."

FIRST OF A KIND

The Act is the first of its kind to comprehensively address the matter of electronic transactions since currently there is no legislation in that area. "It is very comprehensive," Charmaine Patterson, a legal officer at the ministry, told The Gleaner. "We examined legislation from all over the world and every variable that is possible is dealt with in the Act."

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