The passage of the new Electronic Transactions Bill 2021 by the government will now save a lot of cost for the private sector by enabling smooth transactions and expedited trading process with a paperless effort.

Acting Commercial Director Richard Yakam of the National Bureau of Commerce told this newspaper that the approval and implementation of the Electronic Transactions Bill 2021 will make online commerce legal.

Mr. Yakam has previously stated that this is not legal, but under the law your signature will be recognized as it is legally binding. He said it would encourage people to trade online with COVID in the mix.

“It encourages the private sector to buy and sell online and save more time.

This will save a lot of money for the customers involved in the trade except for the physical movement of the goods. »

He said this will form the basis of a one-stop-shop system for customers.

“We used to deal with facilitation agencies like NAQIA, NISIT, DOH and PNG customs when they want to clear goods at the dock, you have to take a document to customs, they will clear it and stamp it , then you will take it to NISIT, where they will stamp it and then to NAQIA for it to be stamped again.

With the introduction of the one-stop-shop system, the company will launch it online and then you will receive the approval at the same time, without having to take the physical document with you.

This will reduce the turnaround time, he said.

Mr. Yakam added that Bill will establish the legal framework for them to implement this one stop shop system.