The Bermuda International Business Association has played a significant role in establishing Bermuda's position as a leader in the global e-commerce industry, its President Raymond Medeiros noted yesterday.

Mr. Medeiros was speaking at the presentation of the new Standard for Electronic Transactions to members of the organisation.

"As you are all aware, e-commerce is truly a global phenomenon, and Bermuda, particularly among offshore jurisdictions, has enthusiastically embraced the opportunity provided by this new way of conducting business,'' he said.

"BIBA is very proud to have facilitated this process from the earliest stages of e-commerce development in Bermuda, together with our public and private sector partners.'' Mr. Medeiros recognised that there were some challenges to the development of the Island as an e-commerce hub, including the cost of telecommunications, but stressed that Bermuda was still well placed to attract new business and enhance existing business through e-commerce.

He said: "BIBA is also pleased to have helped establish Bermuda's leadership position as an e-commerce jurisdiction, promoting our sophisticated infrastructure and support services, and in particular, the legislative framework specifically developed for electronic transactions.''