Bangladesh, Cambodia, China sign new UN treaty to strengthen digital trade in Asia-Pacific

Bangladesh, Cambodia and China have signed a new UN treaty to strengthen digital trade in Asia-Pacific.

The Framework Agreement on Facilitation of Cross-border Paperless Trade in Asia and the Pacific, a new United Nations treaty aimed at strengthening digital trade in the region, was signed at the office of the UN Economic and Social Commission for Asia and the Pacific or ESCAP in Bangkok on Tuesday.

ESCAP says this will provide the foundation for participating countries in the region to cooperate and accelerate progress in achieving paperless trade across borders, cut trade time and costs, and ultimately boost economic competiveness.

“ESCAP member states have played a leading role in the development of the trade agreement,” said Dr Shamshad Akhtar, executive secretary of ESCAP.

“This agreement has the potential to harness the development dividends at the nexus of technology and trade, two key means of implementation for the 2030 Agenda for Sustainable Development,” Akhtar added.

Several other countries at the signing ceremony hosted by ESCAP in Bangkok on Tuesday also pledged to sign the treaty during the September 2017 session of the United Nations General Assembly in New York.

Open to all 53 ESCAP member states, the regional treaty illustrates Asia and the Pacific’s leadership in adopting innovative trade facilitation measures.

According to a recent ESCAP study, regional export gains for the Asia-Pacific region are estimated to reach $250 billion annually with the full implementation of cross-border paperless trade.

Even partial implementation of cross-border paperless trade could lead to an export increase of $36 billion annually, and decrease the time required to export by as much as 44 percent and reduce costs by up to 31 percent.

The regional signing ceremony was held as part of the ‘High-Level Dialogue on Enhancing Regional Trade through Effective Participation in the Digital Economy’ taking place this week in Bangkok.

The treaty is open for signature at the United Nations headquarters in New York until September 30 and will come into force 90 days after five countries have ratified the agreement.