PHNOM PENH, Nov. 6 (Xinhua) -- Cambodia has been drafting the E-commerce law to facilitate and regulate online business operations for investors and customers, the commerce ministry said in a press release on Sunday.
E-commerce refers to the purchase of goods and services via online system, which would bring a lot of new business opportunities for young entrepreneurs in Cambodia and undoubtedly contribute to the national economic growth, said the press release posted on the ministry's Facebook page, along with a video clip.
"However, this kind of business requires specific rules and regulations to manage its transactions to ensure accuracy and safety for all the concerned parties," it said.
In the 9-minute video clip explaining the process of drafting the E-commerce law, which began in 2013, the commerce ministry said with the rapid growth of internet usage across the country, purchasing goods and services online has expanded rapidly in the last five years.
According to the figures of the ministry of posts and telecommunications, some 6.3 million of the kingdom's 15 million people have access to the internet by last year, most of them get access to online via smart phones.
Commerce minister Pan Sorasak said the draft law was not only for Cambodia, but also for the entire world because E-commerce had no borders.
"Presently, we work in a physical space, the space where we see each other in conducting trade. But E-commerce is not in this way, it's a big environment..., we can purchase (goods or services) immediately via computer, and E-commerce has no borders," he said in the clip.
Kem Saroeung, director of legal affairs department at the commerce ministry, said the law was designed to protect both investors and consumers.
"The draft law will also covers E-payment, which is managed by the national bank of Cambodia," she said. "It also states punishment for those who abuse the law."
The bill is being drafted by the commerce ministry in cooperation with justice ministry, posts and telecommunications ministry, national bank of Cambodia and council of ministers.
Ou Phannarith, director of Information and Communications Technology (ICT) department at the posts and telecommunications ministry, said, "The E-commerce law will be a legal instrument that increases confidence for both investors and consumers."
Sam Phalla, products manager of online shop Elegant Brand KH, said that when the E-commerce law was in place, online sellers and buyers would have a legal way to settle their differences when problems occurred.
"In the absence of the law, when there is a problem, people share it via social media and Facebook only," he said.