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The abolition of currency restrictions will help the development of electronic commerce in the Russian Federation - experts

October 25, 2017
The abolition of currency restrictions will help the development of electronic commerce in the Russian Federation - experts

    The abolition of currency restrictions along with subsidies and other support measures could contribute to the development of e-commerce in Russia, said Chairman of the Board of Directors of Global Rus Trade, a member of the Business Russia Corp. Anna Nesterova and Head of the OECD RASCIS Competence and Analysis Center Antonina Levashenko.

    In an article that is available to RIA Novosti, Nesterova and Levashenko note that electronic trade channels make the market more transparent, and pricing is fair. Today, in their opinion, the distinction between wholesale and retail markets is becoming less strict.

    Experts recall that at the moment there is a discussion of the draft strategy for the development of electronic commerce in the Russian Federation until 2025, which, among the main development areas, indicates the development of a technical infrastructure that allows data collection for forecast analytics, improvement of statistical accounting and legislation, development of electronic means of payment simplification of export procedures should accompany.

    "An important decision to remove obstacles to the development of e-commerce in Russia should be the abolition of currency restrictions (repatriation requirements for foreign trade contracts and drawing up a transaction passport), and the creation of opportunities for full-fledged use of electronic funds in the calculations between companies," the authors of the article note.

    Another direction, which is worth working on, according to the authors, is the building of interaction with foreign sites through the conclusion of memorandums with the Russian Export Center (REC), which provide for the reduction of barriers for Russian exporters and the exchange of information.

    Among the additional measures to support the national electronic trading platforms (ETPs), the authors propose: subsidizing to the national ETP part of their promotion costs (participation in forums, exhibitions, etc.), subsidizing exporters of "advanced accounts" on national ETPs, conducting e- for exporters.

    "Meeting these challenges will create new opportunities not only for quantitative but also for the qualitative development of Russian exports through the opening of new markets and building trust in Russian suppliers and products," they conclude.

    RIA News