Making trade rules simple and predictable, plus eliminating unofficial shipment charges between Asia-Pacific countries, would save the region at least US$148 billion a year, a World Bank report released yesterday said.
The report on the benefits to APEC's 21-member countries of reforming trade rules and regulations was released in Sydney where national ministers were gathering for their annual summit tomorrow and on Thursday.
Australian Trade Minister Warren Truss, who is hosting the meeting of more than 40 ministers from the region, said the report highlighted that APEC could do more to enhance free and open trade in the region.
"Greater transparency and predictability boost trade and reduce costs to business and ultimately the consumer," Truss said in a statement.
At least US$148 billion -- or 7.5 percent of annual trade between APEC economies -- would be saved by improving policy transparency, the World Bank report said, based on the most recent data.
Report co-author John Wilson said the trade gains would be widely spread among APEC economies through reforms to make policies more simple and predictable, with the Philippines' trade value growing 25 percent and Vietnam's expanding 50 percent.
This could be achieved through improvements such as reducing shipping delays and regulation duplication, Wilson said.
Removing unofficial charges would also help, although Wilson said he did not have a monetary estimate of that saving.
An APEC trade ministers' meeting in Cairns, Australia, in July agreed to a plan to reduce trade transaction costs between their countries 5 percent by 2010.
About 70 percent of APEC trade is between the 21 APEC economies ringing the Pacific.
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