According to DKNews.kz, IMARC Group reports that the e-commerce market in Central Asia reached $8 billion in 2022, with a projected 25.4% growth over the next five years. However, experts believe that the governmental apparatus is lagging behind this progress. They suggest the need for a separate law regulating the rights and obligations of all participants in the e-commerce process.
Aziza Shuzheeva, the chairperson of the non-profit organization Techno Women and founder of the Digital Transformation Public Foundation, proposes that Central Asian heads of state sign an agreement on e-commerce development. This agreement would provide a significant push towards harmonizing legislation and regulations.
Learning from the challenges in each Central Asian country has made it easier to work with barriers. For example, Kyrgyzstan was among the first countries to develop an e-commerce law. National expert Muktar Dzhumaliev highlights the need to align existing laws with current requirements, such as those regarding e-commerce operators and market security.
Following Kyrgyzstan's example, all Central Asian countries are considering implementing special bank accounts for e-commerce enterprises. These accounts would separate e-commerce transactions from traditional trade, aiding in tax reporting and benefiting from government support measures.
Experts also suggest allowing marketplaces to act as intermediaries between sellers and government bodies like the Tax Service and Customs. Collaboration between governmental bodies and business associations in certifying the quality of national products and promoting the "Made in Central Asia" brand will be a significant achievement for the region. This collaboration will lead to the development of standards in e-commerce, fostering industry growth and protecting business interests.
