Synthesis report

Trade facilitation, defined broadly in this study as “measures aimed at streamlining trade procedures and reducing the cost and uncertainties of international trade transactions”, has become an important area of focus for countries seeking continuous growth and development through trade. During the past two decades, import tariffs have decreased significantly and non-tariff measures aimed at further reducing international trade costs have gained more importance in promoting trade across countries. Indeed, costs associated with regulatory procedures, waiting time (delays) and unpredictability of delivery dates can have a significant impact on trade. Even if international shipping and other non-tariff costs are excluded, costs associated with completing documentary and related regulatory import and export procedures for international trade can account for up to 15 per cent of the value of traded goods. This is particularly true for intermediate goods, where delays in shipment of goods in one country increase the cost of production of the final good in another country.

Related Subject(s): International Trade and Finance