Better trade facilitation to aid in economic recoveryMANILA, Philippines — Streamlining trade procedures will significantly aid economic recovery in the Asia-Pacific amid challenges in the global value chain due to the pandemic, a joint report with the Asian Development Bank (ADB) noted. The updated Asia-Pacific Trade Facilitation Report 2021 of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) and ADB showed that the implementation of general and digital trade facilitation measures across the region rose to almost 65 percent. To generate a score, five categories are taken into account including cross-border paperless trade, paperless trade, institutional arrangement and cooperation, formalities and transparency. ADB vice president for knowledge management and sustainable development Bambang Susantono said that while economic recovery is underway, it remains precarious and uncertain amid the continued emergence of new COVID variants. “The disruptions of the outbreak have also underscored the important role trade facilitation plays in economies and will play in the recovery,” Susantono said.

Source: Philippine Star October 06, 2021 15:56 UTC