Tashkent, Uzbekistan (UzDaily.com) -- At the thirty-second plenary session of the Senate of the Oliy Majlis, senators considered the Law of the Republic of Uzbekistan "On Electronic Commerce". It was noted that the volume of gross production in the field of e-commerce in our country has increased 48 times over the past 5 years and amounts to 1.1 trillion soums. 

In addition, the widespread spread of the coronavirus around the world has further increased the demand of the world’s population for e-commerce. As a result, the online trading system continues to grow year by year. In 2020 alone, e-commerce sales increased 24.9% in China, 25.9% in South Korea, 14% in the US and 11.7% in Singapore. And in Uzbekistan, the volume of e-commerce grew by 80%.

At the meeting, it was noted that the current law does not provide sufficient conditions for the development of the sphere. In particular, all subjects of e-commerce are not covered, misunderstandings arise in the practical application of the issues of document exchange, payment mechanisms and return of goods related to e-commerce. – 2030”. The law establishes a clear procedure for concluding electronic contracts. In particular, the legal force of electronic documents, the requirements for an offer, the specifics of storing electronic documents, the procedure for conducting an electronic transaction and the conditions for concluding electronic contracts are legally consolidated.

According to the senators, the Law creates many conveniences in practice. In particular, the Law introduces a cash deposit system (escrow), which allows to store funds in the information system until the buyer’s conditions in e-commerce are fully satisfied. Another important aspect is that, along with legal entities, self-employed persons are granted the right to participate in e-commerce.

The senators noted that the Law "On Electronic Commerce" will contribute to the establishment of transparent and open direct contractual relations between sellers and buyers in the near future, the creation of a technological market infrastructure that meets international standards.

The law was approved by the senators.