Cutting red tape to bring significant benefits to Asia, Pacific economies : study

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FE Report
Reducing trade transaction costs by cutting red tape can bring significant benefits to economies in Asia and the Pacific, according to a new publication of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) and the Asian Development Bank (ADB).
The publication on Designing and Implementing Trade Facilitation in Asia and the Pacific, released in Bangkok Wednesday at the first Asia-Pacific Trade Facilitation Forum, says despite falling tariffs and removal of import quotas, there remain significant costs to international trade associated with unnecessarily complex customs and border procedures, or with inefficient transit arrangements.
Trade facilitation, or "cutting red tape", is increasingly recognised as the key to unlocking further gains from international trade, especially in Asia and the Pacific, where it takes more than three times longer to complete export procedures than it does in developed countries. It is estimated that Asia's intraregional trade could increase by over $250 billion, or about 21 per cent, if trade facilitation reforms were successful in bringing countries in the region, with below-average performance, closer to the regional average.
Designing and Implementing Trade Facilitation in Asia and the Pacific aims to support implementation of trade facilitation measures, and provides operational guidance on how to assess the status of trade facilitation, what measures and reforms are necessary, how to design trade facilitation initiatives, how to implement them at national and regional levels, and which organisations can help in this process.