Facilitating intraregional trade

During the past two decades import tariffs have decreased significantly and the importance of non-tariff measures aimed at further reducing international transaction costs, i.e. trade facilitation, has become more apparent. Even if international shipping and other non-tariff costs are excluded, 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). Enabling firms to move goods more efficiently from the factory floor to foreign buyers’ warehouses has become essential to capturing and creating new trade opportunities. With the shifting of growth potential away from developed countries to economies within the Asian and the Pacific region, increased attention to intraregional trade facilitation is needed.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Peace, Justice and Strong Institutions