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EAEU and Central Asia countries strengthen cooperation to support sustainable economic recovery after COVID-19 pandemic

EAEU and Central Asia countries strengthen cooperation to support sustainable economic recovery after COVID-19 pandemic

11/18/2020

Timur Zhaksylykov, Minister in charge of Economy and Financial Policy, told about using digital trade mechanisms to overcome the consequences of the COVID-19 pandemic at the 2020 SPECA Forum organized by the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP), which was dedicated to the regional cooperation for socio-economic recovery after the pandemic.

According to Timur Zhaksylykov, one of the main directions in adapting to social distancing conditions and developing barrier-free transboundary trade is intensified use of digital "paperless" technologies.

"Modern digital technologies used in the traceability and marking system enable aggregating data at all levels and, accordingly, tracing products movement along the entire supply chain from production sites to the consumer," the EEC Minister noted.

Timur Zhaksylykov also informed the forum attendees about the EEC's initiatives to digitalize the EAEU tax administration. "The fiscal monitoring mechanism is being formed to automatically confirm the zero VAT rate, ensure complete payment of indirect taxes and transparency of goods movement in mutual trade through the digital transformation of tax administration and the exchange of legally significant fiscal information," emphasized the EEC Minister in charge of Economy and Financial Policy. "The fiscal monitoring system will ensure the formation of a transparent transboundary trade ecosystem, reduce the burden on business in the processes of interaction with state authorities, and create a favorable business climate in the Union."  

For reference

The UN Special Programme for the Economies of Central Asia (SPECA) was launched in 1998 to strengthen subregional cooperation in Central Asia and its integration into the world economy.  The countries of SPECA are Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan,  Tajikistan, Turkmenistan and Uzbekistan. The UN Economic Commission for Europe as well as Economic and Social Commission for Asia and the Pacific provide joint comprehensive support to the Programme.​