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UN: New paperless trade agreement see's 10-30% decline in APAC transaction costs

A new international agreement promoting paperless trade officially took effect on Sunday, which analysts said will further leverage advantages of China's huge market and provide broader market opportunities for all Asia-Pacific members.

The Framework Agreement on Facilitation of Cross-border Paperless Trade in Asia and the Pacific, a UN treaty deposited with the Secretary General of the United Nations, consists of 25 articles, mainly covering a trade facilitation policy framework, cross-border paperless trade facilitation, and cross-border mutual recognition of trade data and documentation in electronic form.

Analysts said the agreement will enhance the efficiency and transparency of international trade by promoting the exchange and mutual recognition of trade data and documentation in electronic form in the region, and creating a favorable legal regulatory environment for cross-border paperless trade.

"The agreement will further enhance trade connectivity in the Asia-Pacific region, and contribute to accelerating economic recovery and development in the post-epidemic era", said the person in charge of the department of international trade and economic affairs of the China's Ministry of Commerce (MOFCOM) on Sunday, according to the ministry's website.

It is of great significance for China to forge new advantages in international cooperation and competition through high-level opening-up, the official added.

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