Agreement on cross-border paperless trade in the Asia-Pacific region can make it easier for the Eurasian Union to trade with third countries

“The agreement, worked out in the framework of the United Nations, has no analogues. It is the first regional instrument of this kind, which is aimed at reducing the time and cost of trade in the Asia-Pacific region, and we find this agreement useful," said the Director of the EEC Department of Customs Legislation and Enforcement of Dmitry Nekrasov. “Some countries of the Union are already showing interest in it. We believe that the accession to the agreement may create additional impulses to simplify cross-border trade.”
The framework agreement on the facilitation of cross-border paperless trade in the Asia-Pacific region leads to long-term benefits for the region by encouraging cross-border trade, which would make international trade more efficient and transparent while improving compliance with the law.
The agreement will provide a new tool for more effective implementation of the WTO Trade Facilitation Agreement in the Asia-Pacific Region, ultimately supporting the development of cross-border electronic commerce. The agreement will also support consistent and coherent policy within the framework of a growing number of bilateral and subregional paperless trade initiatives in the region, promoting mutual recognition of electronic data and documents and trade expansion.
The agreement is open to all 53 Member States of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP). It is the first regional agreement of this kind in pursuit of advanced trade facilitation measures, in particular for cross-border paperless trade. It will enter into force 90 days after the first five countries have ratified the agreement.
UNESCAP studies show that across the region transition to cross-border paperless trade can lead to increased export income worth more than 257 billion US dollars per year. Even partial implementation of cross-border paperless trade measures could lead to an increase in the export of by 36 billion US dollars per year, and the time required for export may reduce by 44 percent, while expenses for it will be reduced by 31 percent.
The text of the new Agreement was adopted in May 2016.
Press-release at the official Eurasian Economic Commission web-site