On 19 May 2016, the Framework Agreement on Facilitation of Cross-border Paperless Trade in Asia and the Pacific was adopted as a UN treaty. The adoption was a result of dedicated and progressive efforts of a diverse group of more than 25 Asia-Pacific economies, who were engaged in four years of intensive consultations and negotiations. It is now open to 53 members of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
The Framework Agreement is fully dedicated to the digitalization of trade processes, aiming to enable the exchange and mutual recognition of trade-related data and documents in electronic form among national and subregional paperless trade systems. Trade digitalization, or the simplification and digitalization of international trade procedures, will help the Asia-Pacific region harness international trade for sustainable development. Indeed, moving from paper to electronic data and information exchange is expected to make international trade easier, more transparent, more efficient and, hence, more inclusive and less taxing on the environment.
For more information on the Framework Agreement, visit our resource page: here