|Published : 13 Apr 2017, 22:17:21|
Dhaka to sign accord on cross-border paperless trade in Asia-Pacific region
Talha Bin Habib
Bangladesh will sign a framework agreement (FA) on the United Nations cross-border paperless trade for reaping economic benefits, official said.
The FA on facilitation of such trade in Asia and the Pacific was adopted by the 72nd session of the UNESCAP (Economic and Social Commission for Asia and the Pacific).
The agreement is now open for signatures at the UN headquarters in New York from October 1, 2016 to September 30, 2017.
"We are going to be a party to the FA subject to the approval by the cabinet," additional secretary (FTA) of the ministry of commerce (MoC) Md Shafiqul Islam told the FE.
He said the issue was discussed at an inter-ministerial meeting at the ministry on Thursday.
Interested ESCAP member-states may become party to the FA by signature, followed by ratification, acceptance or approval or accession.
The cross-border paperless trade has significant potential to reduce costs and boost trade in the Asia-Pacific region.
The possible economic benefits of cross-border paperless trade include export gains and cost saving from its partial or full implementation of such trade facilitation measures.
Paperless trade is typically implemented on a broader basis which tends to increase the level of export gains and cost savings.
The cross-border paperless trade also means 'new generation' trade facilitation measures have just as much potential as more traditional measures to reduce trade costs and increase intra- and extra-regional trade.
Besides, it will help reduce the cost of trade by reducing time and money which are important in global trade.
The Trade Facilitation Agreement (TFA) of the World Trade Organisaiton (WTO) is now very close to come into force.