First session of the Committee on Private Sector Development, Regional Integration, Trade, Infrastructure, Industry and Technology and Expert Group Meetings

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11 December, 2019 to 12 December, 2019

The accrual of maximum benefits from regional integration processes has traditionally depended on, among others, the ability of integrating entities and their constituents to take advantage of economies of scale and effectively participate in regional and global value chains. In the digital era, however, regional economic integration entails more than just physical connectivity. It now increasingly requires making strides towards digitization and embracing digital economies that are based on digital communication networks and information communication technologies. This enhances interstate cooperation and efficiency of production, marketing and delivery of goods and services. Broadly speaking, digitization could facilitate and enable regional integration through a number of channels, including: the use of digital technologies, such as the Internet for trade, investment and tourism. Just as digitization enables regional integration, meaningful progress in regional integration opens up opportunities for the emergence of thriving digital economies. Furthermore, regional integration creates bigger markets and associated economies of scale, which act as an incentive to private sector investment in the development of both hard and soft digital infrastructures.