China newest party to the Framework Agreement on Facilitation of Cross-border Paperless Trade in Asia and the Pacific
China is now a party to the Framework Agreement on Facilitation of Cross-border Paperless Trade in Asia and the Pacific. China ratified the Agreement on 22 November 2020, following Azerbaijan (acceded in March 2018), the Philippines (acceded in December 2019), Islamic Republic of Iran (ratified in May 2020) and Bangladesh (ratified in October 2020). This inclusive and enabling treaty will enter into force on 20 February 2021. The Agreement in Chinese, English and Russian languages is available on the website of the Treaty Section of the UN Office of Legal Affairs, along with an up-to-date list of countries who signed, ratified or acceded to the Agreement link.
All eligible countries should join to ensure implementation of the Agreement, which effectively builds upon the large number of bilateral and (sub)regional paperless trade initiatives, ensuring greater harmonization and interoperability between systems and promoting adoption of international standards. The Agreement has potential to cut trade costs by 25% and make contactless trade a reality where supply chains are resilient even in the time of pandemics such as the COVID-19. More information at: here.