The Asia Development Bank (ADB) has launched the implementation of a regional digital trade project that includes Azerbaijan under the Central Asia Regional Economic Cooperation (CAREC) program, APA-Economics reports.
The project is the sub-project titled “Accelerating Digital Trade”, which constitutes the second phase of the CAREC Integrated Trade Agenda 2030. The project will be implemented in the format of technical assistance and is supported with financing of USD 900,000 from the Republic of Korea’s e-Asia and Knowledge Partnership Fund. ADB is the implementing agency. ADB is the implementing agency.
Based on ADB project documents, the program envisages the digitalization of trade documents in CAREC countries, including Azerbaijan; the promotion of model rules, principles, and standards for e-commerce; and the establishment of a governance framework for cross-border data flows.
The project also aims to reduce existing restrictions on the acceptance of cross-border digital payments, eliminate inconsistencies between digital payment policies and payment systems applied in different countries, and reduce technical and institutional gaps that constrain trade processes.
ADB notes that, as a result of the project’s implementation, the integration of CAREC countries, including Azerbaijan, into regional and global digital trade networks is expected to strengthen. In addition, the policy-making, coordination, and implementation capacity of government and trade institutions will be enhanced, and knowledge and institutional capacities in digital trade will be expanded.
It is noted that the project aligns with the objectives of deepening regional economic integration under the CAREC Integrated Trade Agenda 2030, as well as with regional policy documents in the areas of climate, innovation, and trade, including the Baku Declaration adopted under the CAREC program.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
