Reducing trade costs is essential for developing economies to participate in international production networks and effectively use trade as an engine of growth and sustainable development. One effective way to reduce trade costs is to tackle non-tariff barriers and address regulatory procedures and documentation requirements. Trade facilitation (the simplification and harmonization of import, export, and transit procedures) including paperless trade (the use and exchange of electronic data and documents to support the trade transaction process), has taken increasing importance as evidenced by the WTO Trade Facilitation Agreement reached in December 2013, as well as the growing number of regional and subregional initiatives aimed at facilitating the electronic exchange of traderelated information and documents along international supply chains.

Related Subject(s): International Trade and Finance
Sustainable Development Goals:
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