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2018•Studies in trade and investmentRequires access

The framework agreement on facilitation of cross-border paperless trade in Asia and the Pacific: An inclusive platform towards digital trade facilitation

United Nations

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Abstract

On 19 May 2016, the Framework Agreement on Facilitation of Cross-border Paperless Trade in Asia and the Pacific (FA-PT) was adopted by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), making it the newest UN treaty in the area of trade and development. The Framework is fully dedicated to the digitalization of trade processes and enabling the seamless electronic exchange and legal recognition of trade-related data and documents across borders, rather than only between stakeholders located in the same country. Implementation of the Agreement is expected to greatly reduce transaction time and costs as well as increase regulatory compliance.

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What this paper is about

On 19 May 2016, the Framework Agreement on Facilitation of Cross-border Paperless Trade in Asia and the Pacific (FA-PT) was adopted by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), making it the newest UN treaty in the area of trade and development. The Framework is fully dedicated to the digitalization of trade processes and enabling the seamless electronic exchange and legal recognition of trade-related data and documents across borders, rather than only between stakeholders located in the same country. Implementation of the Agreement is expected to greatly reduce transaction time and costs as well as increase regulatory compliance.

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Available abstract

On 19 May 2016, the Framework Agreement on Facilitation of Cross-border Paperless Trade in Asia and the Pacific (FA-PT) was adopted by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), making it the newest UN treaty in the area of trade and development. The Framework is fully dedicated to the digitalization of trade processes and enabling the seamless electronic exchange and legal recognition of trade-related data and documents across borders, rather than only between stakeholders located in the same country. Implementation of the Agreement is expected to greatly reduce transaction time and costs as well as increase regulatory compliance.

Key concepts: Trade facilitation, International trade, Facilitation, Treaty, Transaction cost, Business, Free trade agreement, Asia pacific

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