Asia-Pacific Trade Facilitation Report 2019: Bridging Trade Finance Gaps Through Technology
The Asia Pacific Trade Facilitation Report is an annual publication by Asian Development Bank that provides an update on trade facilitation in the Asia and Pacific region and the related impacts on trade costs. It examines in detail trends in paperless trade and transit facilitation and reports on progress in trade facilitation for SMEs, women and some sectors such as agriculture trade.
The 2019 report states that the trade costs in Asia and the Pacific remains high despite having declined modestly and vary widely across subregions. In addition, the average implementation rate of trade facilitation measures jumped by 10 percentage points between 2017 and 2019, to nearly 60%. The report suggests that digitalization and automation may help address some long-standing issues in trade finance, such as high transaction processing costs and costly know-your-customer procedure.
Source: Asian Development Bank