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According to the Bank’s website, the subproject will accelerate digitalization of trade documents to facilitate transactions, and advocate for the use of model rules, principles and standards for digital trade, a governance framework for cross-border data flows, and enablers of cross-border payments.
The acceptance of electronic trade documents has yet to be fully realized in most CAREC countries, although many have adopted digital strategies but have not made full use of model rules, principles, and standards for digital trade. Cross-border data flows, which underpin digital trade and other business activities while being a business activity, require a governance framework that takes privacy, interoperability, consumer protection, and cybersecurity into account. Infrastructure gaps exist across the connectivity value chain, i.e., at the first mile for international links, middle-mile for distribution, and last-mile for access. Cross-border payment acceptance is a major challenge, due to varying digital payments policies and payment system incompatibility that limits e-transactions. Hard and soft infrastructure gaps must be addressed through increased knowledge, pilot projects, and enhanced capacities.
Cofinancing (Republic of Korea e-Asia and Knowledge Partnership Fund): US$ 900,000.00
Project Officer: Dorothea Lazaro
Designation: Senior Regional Cooperation Specialist - Asian Development Bank
Email: dlazaro@adb.org
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