Trade facilitation: Progress made but scope for more

While economies of the region are trading more, they are also trading more efficiently. As import tariffs have decreased significantly over the past two decades, the importance of non-tariff measures (NTMs) aimed at further reducing international transaction costs, i.e. trade facilitation, has become more apparent. Even excluding international shipping costs, costs associated with completing documentary and other import and export procedures for international trade can account for up to 15% of the value of traded goods (ADB/ ESCAP, 2009).

Related Subject(s): International Trade and Finance