Presidential Law on Regulating Electronic Transactions

The law seeks to create a suitable environment for e-commerce

President Bashar Assad issued on Thursday Law No. 3 for 2014 regulating all electronic transactions.Based on the law, electronic transactions  are considered a legally acceptable way to establish, amend, transfer or cancel agreements.

 

Earlier this month, the People’s Assembly approved the draft law on electronic transactions aimed at facilitating trade exchange by electronic means and becoming more open to foreign markets.

 

The draft law seeks to create a suitable environment for e-commerce. The bill makes such transactions legal and binding in government establishments.

 

The electronic transactions stated in the draft law include financial and non-financial trade, contract implementation and administrative transactions.

 

The Minister of Economy and Foreign Trade, Khodr Orfali said the law will ease and facilitate transactions among the government bodies on the one hand and among them and individuals and business sectors on the other.

 

Electronic trading allows for the establishment of small and medium-sized projects and allows them to connect to international trade at low costs, he said.

 

The minister also underlined the importance of the law in supporting sustainable development and environmental economy as it is an eco-friendly law that significantly reduces dependency on paperwork.

 

Translated and edited by The Syrian Observer

 

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