OECD, Chinese ministry of commerce to host seminar on trade facilitation

A seminar designed to facilitate the international trade procedures and reduce trading costs will be held in Beijing, China on Friday, announced the Organisation for Economic Co-operation and Development (OECD) Tuesday. During the seminar co-organized by the OECD and the Chinese Ministry of Commerce, the OECD will present its latest survey on trade facilitation which shows that "multilateral agreement to cut red tape in international trade would dramatically reduce trading costs and add a substantial boost to the global economy." The OECD has developed trade facilitation indicators which can "identify areas for action and allow assessment of the potential impact of reforms." These indicators will "help governments improve their border procedures, reduce trade costs, boost trade flows and reap greater benefits from international trade," according to the OECD. OECD analysis shows that trade facilitation measures can benefit all countries in their role as exporters as well as importers, allowing better access to inputs for production and greater participation in the global value chains that characterize international trade today. The seminar will include discussion of the OECD indicators as well as the successes, costs, challenges and lessons learned from China's specific experience with trade facilitation reform.