Translation. Region: Russian Federation –
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
URUMQI, Dec. 16 (Xinhua) — Representatives of commodity exchanges from China, Russia, and Uzbekistan held a signing ceremony for the "E-Commerce Standards for Cross-Border Commodity Exchanges" in Kuitun City, northwest China's Xinjiang Uygur Autonomous Region, on Dec. 16, to promote digitalization and standardization of regional trade and economic development.
The event was attended by representatives of the Xinjiang company Asia-Europe Exchange (AEEX), the St. Petersburg International Commodity Exchange, and the Uzbek Republican Commodity Exchange.
The "Standards" cover many aspects, including the unification of electronic trading platforms, the unification of data processing standards, the mutual recognition of digital signatures, the implementation of innovative settlement mechanisms, and the creation of joint working groups. Specifically, mechanisms such as supporting the use of national currencies for settlements, exploring the application of blockchain technology, and the joint creation of lists of cross-border goods will provide companies from these countries with a more secure, convenient, and efficient trading environment.
"The signing of this document aims to promote the unification of transaction standards, the digitalization of processes, and the simplification of settlements. This is not only necessary for improving transaction efficiency but also key to enhancing market transparency and creating a mechanism for mutual trust and cooperation," noted AEEX Board Chairperson Zhang Hongping.
Participants at the event believed this event would serve as an instructive example for regional trade and economic cooperation. They expressed hope that in the future, more countries and institutions will join this standardized system to jointly advance the process of trade facilitation and integration across the Eurasian continent.
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