Cambodia’s upcoming E-commerce Law, once fully adopted, will herald the implementation of cross-border paperless trade, the Ministry of Commerce’s under-secretary of state Sok Sopheak said following a workshop jointly organized by the ministry and the United Nations Economic and Social Commission for Asia-Pacific (UNESCAP).
“Cross-border transactions, at the moment, have to go through cumbersome procedures which places a heavy burden on exporters and importers. Therefore, in order to reduce this burden, the government has simplified customs and other border procedures for international trade and reduced transaction costs through the application of trade facilitation measures,” said Sopheak.
“The framework agreement on Facilitation of Cross-border Paperless Trade in Asia and the Pacific is initiated by UNESCAP. It will result in long-term benefits for the region by promoting cross-border paperless trade to make international trade more efficient and transparent while also improving regulatory compliance,” added the secretary.
According to UNESCAP research, region-wide implementation of cross-border paperless trade could lead to an annual increase in exports of $257 billion, as well as slashing the time required to export goods by as much as 44 percent, resulting in cost reducing of up to 31 percent.
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