Customs, ESCAP in joint study on digitized trade

THE Bureau of Customs (BoC) said it and the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) have entered into a partnership to study electronic data exchange in trade transactions.

“The collaboration falls under the Framework Agreement on Facilitation of Cross-border Paperless Trade in Asia and the Pacific (CPTA), a UN treaty that aims to expedite the implementation of digital trade facilitation measures for trade and development,” the BoC said in a statement.

“We believe that the implementation of paperless trade will not only help us achieve these objectives but also enhance transparency and reduce expenses,” Customs Commissioner Bienvenido Y. Rubio added.

Mr. Rubio said that the BoC is committed to “facilitating trade and ensuring the efficient and effective movement of goods across borders.”

The partnership will work on a feasibility study on the electronic exchange of trade-related data and documents in the Philippines.

“The study delves into a comprehensive analysis of the technological capabilities, legal frameworks, and operational requirements necessary for the implementation of electronic trade data exchange,” it said.

“Furthermore, it aims to identify potential challenges and risks and develop effective strategies to mitigate them,” it added. — Luisa Maria Jacinta C. Jocson