Uzbek media reports say Uzbekistan has offered the establishment of a single payment system in Central Asia., citing the Ministry of Investment, Industry and Trade of Uzbekistan, reported yesterday that this has become known as a result of the United States-Central Asia Trade and Investment Framework Agreement (TIFA) Council meeting that took place in the Uzbek city of Samarkand.  

Speaking at the meeting, Minister of Investment, Industry and Trade of the Republic of Uzbekistan Laziz Kudratov reportedly noted the great opportunities for cooperation between the Central Asian countries in trade, economic, investment, transport and other spheres.  

In this context, he proposed to take a number of measures to use untapped potential and resources for joint implementation, including the unification of legislation on e–commerce in Central Asian countries and the creation of a single independent arbitration system, the creation of a regional platform for suppliers of goods and services with a single payment system, the creation of data centers and a database of exporters and importers for forecasting and risk-management, ensuring sanitary and epidemiological well-being.

The Uzbek minister reportedly also announced initiatives to introduce electronic certification systems for agricultural products, customs measures and procedures based on the Commercial Law Development Program (CLDP) recommendations, harmonization of phytosanitary requirements, exchange of best practices, and economic empowerment of women in the region.

Following the meeting, a joint statement was adopted, which reflected the common vision of the participants on further strengthening trade, economic and investment cooperation and measures for the practical implementation of the discussed projects and initiatives.