New institutional formats in the development of global e-commerce

Abstract

The article examines the growing trends of institutionalization of the global e-commerce. It reveals the multilevel and multifaceted character of this process, which extends to the policies of both national states and international organizations and regional associations, and involves both state and non-state structures. The identified main changes in national institutional systems related to digital transformation embrace: a clearer definition of strategic priorities and tools for stimulating investment in digital infrastructure and developing digital competences; creation of free e-commerce zones; and implementation of a sound legal framework for digital transactions focusing on consumer protection, personal data and intellectual property, guaranteeing cybersecurity, promoting competition and enhancing competitiveness for small, medium and micro-enterprises. At the same time, there is an increase in "electronic protectionism" and measures to restrict the freedom of commercial operations in cyberspace. The author argues that the global nature of cyberspace determines the centrality of global and regional international organizations in the creation of the latest institutional digital trade formats. A key role in the mechanisms of global regulation of e-commerce should be played by the World Trade Organization, which requires adjustments and innovations in its mechanisms and agreements, in particular for the implementation of regulatory standards for the innovative institutional e-business formats. At the same time, there is a process of forming a network of international organizations for digital trade regulation, with increased differentiation and specialization, on the one hand, and coordination and cooperation of their regulatory functions – on the other hand. Regional policies and regulatory institutions, as well as regional integration associations play an important role in this system. However, the institutional support for digital commerce at the regional level is characterized by a considerable level of heterogeneity, and driven by cultural traditions and differences in the levels of socio-economic development. Prepared within the research on "Formation of the Institutions of International Electronic Commerce in the Conditions of Emerging Information and Network Based Economy" topic of "Research on the Institutional Architectonics of Information and Network Economics" project at the Institute for Economics and Forecasting of NAS of Ukraine" (2018-2020), state registration No 0117U001686.