Some economies will shrink in 2000, e.g. Japan - 0.2 percent. Eventually, the e-commerce strategy in the US will shift from its domestic market to overseas markets. President Clinton has stated that e-commerce must embrace all cultures and communities including the developing countries. Obviously, the US administration will target, support and facilitate the growth of e-commerce in the developing countries for the benefit of the US economy. The spectre arises that the Australian economy and its components may be at the altar wondering where their next transaction will come from.
Electronic commerce is here and now.
If corporate Australia does not embrace an electronic commerce paradigm then US corporations will undermine their domestic market position and threaten to impede effective access to other necessary markets. In dealing with the spectre of electronic commerce it is important that corporate Australia understands the legislative framework being developed in Australia. This framework is not being developed in isolation but is taking account of what our major trading partners are doing in this most vital area. The Federal Government has recently passed the Electronic Transactions Act 1999 through Parliament. This legislation corresponds with recommendations of the Electronic Commerce Expert Group report dated 31 March 1998.