ISLAMABAD: An unprecedented United Nations treaty that will cut trade time and costs in the Asia-Pacific region has been opened for signature at the United Nations head­quarters in New York.

The ‘Framework Agree­ment on Facilitation of Cross-border Paperless Trade in Asia and the Pacific’ will result in long-term benefits for the region by promoting cross-border paperless trade to make international trade more efficient and transparent, while improving regulatory compliance.

Open to all 53 member states of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), this is the first regional agreement of its kind to focus on implementing advanced trade facilitation measures, specifically to achieve paperless trade across borders. It will enter into force 90 days after five countries have ratified the agreement.

Published in Dawn, October 2nd, 2016