Washington D.C., Nov. 3 - Participating in an e-commerce forum held by the U.S. Chamber of Commerce, Douglas Graham of KPMG LLP, the professional services firm, told attendees that the world needs a global commercial code to help solve the complexities of e-commerce regulations.
Graham told attendees that unless the borderless realities of the Internet are realized and addressed, "agile" nations could develop their own e-commerce strategies before industrialized nations could put simple worldwide governance in place. He emphasized that it is time to update the uniform commercial code from the days of Napoleon. "We need a fair, practical, fast tested code and one with integrity. The new global commercial code should be one that bonds participants and is overseen by trusted third parties," Graham said.
Defining "agile" nations, Graham, a partner with KPMG's Financial Services Consulting practice, views them as any nation that is accommodating to Internet businesses and flexible enough to pass Internet laws in three months. He adds that in jurisdictional shopping, corporations seek nations that have political stability and a sound regulatory environment -- as well as those that are ahead with technology infrastructure, a tax rate policy and security. "It is encouraging that in the United States, government and business leaders have built a sense of urgency on e-commerce. No business or public policy issue exists in a vacuum, but the debate needs to move on and the United States must take a global leadership role," he said.
For more information, visit KPMG's Web site at www.us.kpmg.com.
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