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An unprecedented regional treaty that will cut trade time and costs in the Asia-Pacific region was finalized at a United Nations led forum in Bangkok last week. The agreement, drafted by working groups bringing together 27 member states of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), will result in long-term benefits for the region by promoting cross-border paperless trade to make international trade more efficient and transparent, while improving regulatory compliance.
This regional agreement adopted by ESCAP's Interim Intergovernmental Steering Group on Cross-Border Paperless Trade is the first of its kind to focus on implementing advanced trade facilitation measures, particularly to achieve paperless trade across borders. The agreement will also contribute to regional economic cooperation and integration and also enhance economic competitiveness of the region as a whole by providing momentum for member states to implement advanced trade facilitation measures, particularly paperless systems such as a Single Window, in connection with the implementation the WTO Trade Facilitation Agreement.
