ALMATY, February 27. /TASS/. The Eurasian Development Bank (EDB) has favored the development on the Eurasian space of agreements in the free trade zone format and ensuring technical compatibility in the region of national digital currencies for reducing the dependence on international payments infrastructure.
The proposals are included in the development bank’s report titled ‘Economic Cooperation in Eurasia: Practical Solutions’ published on its website.
"The development and execution of free trade agreements (FTAs) with developing economies is currently the primary mechanism for bolstering trade and investment ties within Eurasia. Implementation strategies may involve the preparation of FTA+ agreements, encompassing broad sectoral cooperation, and the inclusion of services and investment in agreements," the document says.
Meanwhile, "movement towards technical compatibility among central bank digital currencies (CBDCs) holds the potential to reduce dependency on international payment infrastructure, establishing a novel trade and financial infrastructure," the bank’s experts noted. "Ensuring the technical compatibility of national digital currencies and aligning approaches to the design of cross-border payment models in digital currencies, including through participation in international CBDC platforms (such as mBridge and others), would be beneficial," according to the report.
The report introduces 12 applied solutions for enhancing economic cooperation across the Eurasian landmass. While not exhaustive, the list encompasses proposals related to the development of physical infrastructure (transport, the water and energy complex and food logistics), trade, finance (including sustainable finance) and educational cooperation.