Jakarta: Indonesian Trade Minister Zulkifli Hasan on January 4 said that the value of the country's digital commerce or e-commerce transactions in 2023 is estimated to have reached 533 trillion IDR (34.35 billion USD), a 10.69% increase compared to the previous year. He said that the increase in Indonesia's digital commerce transactions in recent years has shown that the sector has enormous potential to be developed. In the future, digital economy management and operation will support micro-, small- and medium-sized businesses. To support the growth potential of digital commerce, the ministry has issued some regulations concerning business licensing, advertising, coaching, and supervision of business actors in commerce via electronic systems. They regulate the separation between social commerce, e-commerce, and social media, and also stipulate a minimum price of 100 USD per unit for finished goods from abroad that can be directly sold by traders in Indonesia via cross-border digital commerce platforms. In September 2023, Indonesia government issued ban on e-commerce trade on social media, including TikTok Shop, a short-video platform owned by China's ByteDance to halt transactions in Indonesia. However, ByteDance in December 2023 announced an investment of 1.5 billion USD in GoTo technology firm of Indonesia following an agreement to restart its shopping app in the Southeast Asian country. Under the deal, the social media giant will combine its Indonesian TikTok Shop business with GoTo's e-commerce unit Tokopedia. TikTok gets a 75% stake in the combination, which will run the shopping features of TikTok's social media app in Indonesia. The transaction, which is expected to close in the first quarter of 2024, is in line with the GoTo Group's strategy to strengthen its financial and strategic position by growing its total addressable market. In addition, the government has issued a positive list, namely a list of goods that are allowed to enter Indonesia through digital commerce platforms, such as books, mus ic, film, and software. Foreign traders are also required to include proof of halal certificates, comply with Indonesian standards, and include labels in the Indonesian language. The minister underlined that the regulations aim to protect domestic trade./. Source: Vietnam News Agency