Cambodia Signs a UN Framework Agreement on Cross-border Trade

Cambodia's Minister of Commerce H.E. Pan Sorasak signed this morning the Framework Agreement on Facilitation of Cross-border Paperless Trade in Asia and the Pacific, at the Economic and Social Commission for Asia and the Pacific (UNESCAP)'s headquarters in Bangkok, Thailand, according to the Ministry of Commerce's news release.

Cambodia signed this new United Nations treaty along with other two countries � Bangladesh and China � with an aim to strengthen digital trade in the region.

The Member States have played a leading role in the development of the trade agreement, said Dr. Shamshad Akhtar, United Nations Under-Secretary-General and Executive Secretary of UNESCAP.

This agreement has the potential to harness the development dividends at the nexus of technology and trade, two key means of implementation for the 2030 Agenda for Sustainable Development, he added.

The Framework Agreement on Facilitation of Cross-border Paperless Trade in Asia and the Pacific was adopted by the 72nd Session of the ESCAP as resolution E/ESCAP/RES/72/4.

According to a recent UNESCAP study, regional export gains for the Asia-Pacific region are estimated to reach US$250 billion annually with the full implementation of cross-border paperless trade. Even partial implementation of cross-border paperless trade could lead to an export increase of US$36 billion annually, and decrease the time required to export by as much as 44 percent and reduce costs by up to 31 percent.

The regional signing ceremony was held as part of the 'High-Level Dialogue on Enhancing Regional Trade through Effective Participation in the Digital Economy' taking place this week in Bangkok. The treaty is open for signature at the United Nations headquarters in New York until Sept. 30, 2017 and will enter into force 90 days after five countries have ratified the agreement.

Source: Agency Kampuchea Press