Trade Costs On Rising In Asia And Pacific: Cuts In Red Tape Could Help Bend Trend

The high cost of trade in Asia and the Pacific continues to rise, but ongoing efforts to facilitate commerce will help keep goods flowing throughout the region, according to a new report by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) and the Asian Development Bank (ADB). Economies in the region have shown continued progress in streamlining trade procedures despite the COVID-19 pandemic, and the subsequent supply chain disruptions and surge in shipping costs, which hit an all-time peak this year. Implementation of 31 general and digital trade facilitation measures rose on average across the region to 64.9% in 2021, about 6% points higher than in 2019.