12:44 - 22.12.2025

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December 22, Fineko/abc.az. The Asian Development Bank (ADB) has approved regional technical assistance for implementation of Phase 2 of the integrated trade agenda of the Central Asian Regional Economic Cooperation (CAREC) until 2030, Accelerating Digital Trade (Subproject 3).

ABC.AZ informs that according to ADB, the project covers Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan, China, Tajikistan, Turkmenistan and Uzbekistan.

The project, worth $900,000, is to be financed through the Electronic Asia Foundation and the Knowledge Partnership of the Republic of Korea.

The subproject aims to accelerate the digitalization of trade documents to simplify transactions, as well as to promote the use of standard rules, principles and standards of digital commerce, a system for managing cross-border data flows and tools that facilitate cross-border payments.

"The recognition of electronic trade documents in most CAREC countries has not yet been fully disseminated, although many of them have adopted digital strategies, but do not fully use the standard rules, principles and standards of digital trade. Cross-border data flows, which underlie digital commerce and other business activities, while simultaneously being an independent type of business activity, require a management system that takes into account issues of confidentiality, compatibility, consumer protection and cybersecurity," the ADB says.

ADB notes that there are infrastructural gaps throughout the connectivity value chain, namely at the first stage for international connections, at the middle stage for distribution, and at the last stage for access. The adoption of cross-border payments is a major challenge due to differences in digital payment policies and incompatibility of payment systems, which limits electronic transactions.

"The problems of hard and soft infrastructure should be solved by expanding knowledge, implementing pilot projects and building capacity. Among the potential results of the project are the deepening of knowledge about measures in the field of digital commerce, the development of initiatives to strengthen data exchange for digital commerce, as well as strengthening the capacity of trade institutions to formulate policies, coordinate and implement appropriate measures," the bank notes.