Automated Trans-Border Trade Integrated Settlements (ATTIS) system project as a part of the People's Republic of China Government initiative «One Belt, One Road»

Kazakhstan is located at the critical junction of the overland trade routes between China, Central Asia, the Middle East and Europe. This has been recognized historically and these routes have existed for many centuries known in times past as the Silk Road and today One Belt, One Road. With the emergence of China as an increasingly important Centre of world trade Kazakhstan has the opportunity to benefit from the volumes of goods moving along the trade routes to and from China. However with the increased volumes and complexity of trade there remain barriers to the movement of cargo which did not exist historically. The above barriers include an increase in fraudulent funds transfers and foreign exchange settlements.

Today the expert community recognizes the importance of resolving these problems and has researched these issues in conjunction with regional governments. A primary consideration has been to find a Settlements solution for trade deals that does not need to be based on the US dollar. China has introduced a new crypto currency in order to try and facilitate trade but this will not be suitable for all trading partners. Additionally the countries of Central Asia are growing their trade with Europe and the Middle East, where a different currency solution is required.

Since mid-2020, the Kazakhstan Ministry of Trade and Integration, together with other engaged State authorities and organizations - the Ministry of Industry and Infrastructure Development, the Ministry of Digital Development, Innovation and Aerospace Industry, the Ministry of Finance, the National Chamber of Entrepreneurs «Atameken», JSC «National Company Kazakhstan Temir Zholy» and LLP «TransInfoTech» are working to support the implementation of a new system called the Automated Transborder Trade Integrated Settlements (ATTIS) system owned by CROSSBORDERXP, Ltd (Ireland).

The ATTIS when the whole implementation stages are completed, offers a quicker, less expensive and seamless solution than the old fashioned and inefficient paperwork. Kazakhstan is the first country that has accepted ATTIS and therefore becomes a leader in the region for promoting efficiency and speed along the Belt and Road. ATTIS has been accepted for trial in China by the Shanghai Cooperation Organization (SCO), of which Kazakhstan is a member country. The SCO plans to introduce ATTIS to all member states and these include all neighboring countries to Kazakhstan. It is anticipated that by using one common electronic system all users will gain major advantages in facilitating international trade.

What benefits will ATTIS bring? It will enable users to submit all documentation for a trade deal electronically. The single electronic input will be automatically distributed to all government agencies, which negates the need to complete paperwork in several different locations, the present requirement. An additional benefit in these times of the COVID-19 pandemic is the reduction of travel and physical interaction.

ATTIS provides its registered users with anti-money laundering compliance when they are searching for potential partners through the services of Comply Advantage, one of the world-wide companies focusing in AML compliance. This will enable companies to be certain that their trading partner is recognized as a legitimate company and therefore there is no danger of money being arrested by the authorities whilst passing through the banking system. Additionally ATTIS offers a currency Settlements option through its Clearing House in Ireland, where trade deals can be cleared using the Euro.

The introduction of ATTIS in Kazakhstan will overcome many of the problems that companies are faced with today in trading along One Belt, One Road, from China to Central Asia, Europe and the Middle East. Enabling companies to submit documentation electronically will speed up the trade flow, overcome the threat of goods being held up due to delays at border crossings and give security against currency fluctuations.