Multilateral treaty will support paperless transactions
A new international agreement promoting paperless trade officially took effect on Sunday, which analysts said will further leverage advantages of China’s huge market and provide broader market opportunities for all Asia- Pacific members.
The Framework Agreement on Facilitation of Cross- border Paperless Trade in Asia and the Pacific, a UN treaty deposited with the Secretary General of the United Nations, consists of 25 articles, mainly covering a trade facilitation policy framework, cross- border paperless trade facilitation, and cross- border mutual recognition of trade data and documentation in electronic form.
Analysts said the agreement will enhance the efficiency and transparency of international trade by promoting the exchange and mutual recognition of trade data and documentation in electronic form in the region, and creating a favorable legal regulatory environment for cross- border paperless trade.
“The agreement will further enhance trade connectivity in the Asia-Pacific region, and contribute to accelerating economic recovery and development in the post- epidemic era”, said the person in charge of the department of international trade and economic affairs of the China’s Ministry of Commerce ( MOFCOM) on Sunday, according to the ministry’s website.
It is of great significance for China to forge new advantages in international cooperation and competition through high- level opening- up, the official added.
Hu Qimu, chief researcher at the Sinosteel Economic Research Institute, said that this is another important step in the economic integration of the Asia- Pacific region after the signing of the Regional Comprehensive Economic Partnership ( RCEP) and will help unify the economic and trade laws and regulations of different countries and regions.
“The core of the agreement is compatibility and mutual recognition of legal framework on trade,” Hu said.
But it will not be completed in the short term as it involves the adjustment of the legal system of each member, he added.