'Asia-Pacific trade and investment slowing down'

03 Nov '15

4 min read

The outlook for regional services trade was brighter than for merchandise trade. Asia-Pacific exports of services increased at 5.1 per cent in 2014, compared with 4 per cent in the previous year. Exports of travel and other commercial services were especially strong, supported by growing demand for travel by China.

The report shows that trade facilitation measures, including implementation of the WTO Trade Facilitation Agreement (TFA), can help reduce trade costs. Indeed, many countries in Asia-Pacific are getting on with implementing trade facilitation measures ahead of TFA ratification. These changes will help reduce regional trade costs but much more still needs to be done, especially in landlocked countries. The report suggests that a regional agreement on paperless trade would mark a substantial breakthrough in this regard.

The Report also reinforces the importance of countries maintaining open trade regimes, and avoiding implementation of trade-restrictive measures. It highlights the ongoing problems created by increases in use of trade-restrictive measures across the region, particularly non-tariff measures. These measures have detrimental consequences for the region's least developed countries, presenting particular obstacles to small and medium sized exporters. (SH)

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