The simplification, modernization, and harmonization of export and import processes could reduce trade costs by up to 9% in Asia and the Pacific, according to the report Trade Facilitation and Better Connectivity for an Inclusive Asia and Pacific. Reducing trade costs by 9% would result in $219 billion in savings annually.

"Trade facilitation increases trade flows and lowers trade costs, making it critical for development in Asia and the Pacific," said Yasuyuki Sawada, Chief Economist, Asian Development Bank (ADB). "We're hopeful that the findings of the report can further help our development partners in improving trade facilitation and paperless trade implementation in the region."

The report was prepared by ADB and the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) and launched on 5 September 2017, on the sidelines of the Asia-Pacific Trade Facilitation Forum in Yogyakarta, Indonesia.

The report highlights benefits of improved trade facilitation, such as promoting Customs improvement and cross-border cooperation among countries, with the implementation of the World Trade Organization’s Trade Facilitation Agreement (WTO TFA).

The report also highlights efforts to improve trade facilitation within major subregional cooperation initiatives. The South Asia Subregional Economic Cooperation (SASEC) Trade Facilitation and Transport Working Group, for instance, agreed to expand assistance to trade facilitation through technical assistance to support more efficient, transparent, secure, and service-oriented processing of cross-border trade across South Asia.

Related Link:

• Better Trade Facilitation Could Reduce Trade Costs in Asia by Up to 9% Annually — Report