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    Cross border paperless trade helps Asia Pacific Economic and trade cooperation

    2021-03-30 | Pageviews: CHANGZHOU FOAN M AND E CORPORATION
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    The framework agreement on cross border paperless trade facilitation in Asia and the Pacific, initiated by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), has recently come into effect. It is the first multilateral agreement in the field of cross-border paperless trade under the framework of the United Nations, which will facilitate the entry of the commodities of the members of Asia and the Pacific into each other's markets.

    The agreement started negotiations in April 2015 and was completed in May 2016. Nearly 30 members of APEC, including China, Russia, South Korea, India and Indonesia, have joined in succession. At present, the agreement has entered into force for China, the Philippines, Bangladesh and other five founding parties that have completed domestic approval.

    There are 25 articles in the agreement, mainly covering trade facilitation policy framework, cross-border paperless trade facilitation and mutual recognition of trade data and documents in electronic form. The agreement requires all parties involved to realize the exchange of electronic trade data and documents by making use of existing or creating new cross-border paperless trade systems. In particular, all parties are encouraged to accelerate the construction of the "single window" system and use it in cross-border paperless trade; promote the establishment of cross-border mutual recognition mechanism of electronic trade data and documents among members, and allow members to conclude agreements for the exchange of electronic trade data and documents We will implement bilateral and multilateral mutual recognition arrangements for cross-border trade data and documents in electronic form.

    According to the executive secretary of the economic and Social Commission for Asia and the Pacific, shahbana, cross-border paperless trade has proved to be an effective way to promote the development of Global trade. The agreement can help most developing countries in the Asia Pacific region reduce trade costs by more than 20%. "We hope that more countries will participate in the regional economic recovery after the epidemic."

    Park Xinyang, head of the economic research and Regional Cooperation Department of the Asian Development Bank, said that in recent years, the Asian region has made significant progress in simplifying trade procedures and promoting trade facilitation. However, the implementation of different types of measures varies. Less than 40% of the economies in the region have started to implement cross-border paperless trade measures, such as the use of electronic certificates of origin. Therefore, the launch of the agreement is very timely and practical.

    The Philippines is the first country in the ASEAN region to join the agreement. Lopez, editor in chief of Asia Business Week, told this reporter that for a long time, the paperless level of cross-border trade in the Philippines has not been high. After joining the agreement, Philippine cross-border trade is expected to improve efficiency and transparency and reduce trade costs. Lopez believes that one belt, one road, and the other will be further enriched in the Asia Pacific region.

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