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Multilateral Agreement Takes Effect, 10-30% Decline Seen in Asia-Pacific Transaction Costs: UN

“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.”