Executive summary

During the past two decades, thanks to multilateral and regional trade agreements (RTAs) as well as unilateral efforts, applied tariffs in the Asia-Pacific region have been halved. At the same time, the number of non-tariff measures (NTMs), including sanitary and phytosanitary (SPS) measures and technical barriers to trade (TBTs), has risen significantly. NTMs often serve legitimate and important public policy objectives, but their trade costs are estimated to be more than double that of ordinary customs tariffs. The economic cost of SPS and TBT measures is estimated to be up to 1.6% of global gross domestic product, amounting to $1.4 trillion. As such, they have become a key concern for traders as well as for trade policymakers aiming to ensure that trade can continue to support sustainable development.

Sustainable Development Goals:

No Poverty

Industry, Innovation and Infrastructure

Reduced Inequalities