Logo of Phnom Penh Post newspaper Phnom Penh Post - ADB urges implementation of cross-border transport pact

ADB urges implementation of cross-border transport pact

ADB urges implementation of cross-border transport pact

As growing trade and investment linkages in Asia and the Pacific have helped to improve the region’s overall resilience to global economic and trade policy uncertainties, countries in the Greater Mekong Subregion (GMS) need to make swifter progress in streamlining trade through multilateral agreements that cut red tape, according to a new report.

According to the Asian Development Bank’s (ADB) Asian Economic Integration Report 2017 (AEIR) released yesterday, for the GMS region – an area that includes Cambodia, Laos, Vietnam, Thailand, Myanmar and Yunnan province in southern China – the greatest obstacle to increasing trade is the lack of implementation of the Cross-Border Transport Facilitation Agreement (CBTA).

“As regional transport networks expand, tourism grows, and agricultural and industrial trade integrates across the region, the greatest challenge will be implementing the GMS CBTA fully,” the report said, adding that it hoped that a CBTA would be implemented by 2019.

On transport facilitation, trade measures will also need to accelerate in areas like sanitary and phytosanitary systems to support intra-GMS trade in agriculture, food and forest products, the report added.

While hard infrastructure has remained a main stumbling block for the region, the ADB noted that the $19.1 billion in bilateral and multilateral investment made as of the end of 2016 has reaped some benefits for the GMS region.

However, the report noted that there is still a $6.4 billion near-term financing gap for infrastructure spending.

“Greater participation and investments from the private sector – in the form of public private partnerships – can help close the gap,” the report said. “This will require the GMS governments to strengthen PPP policy frameworks, bidding, and risk allocation to attract private sector investment.”

MOST VIEWED

  • Hun Sen asks Cambodians to believe in government

    Prime Minister Hun Sen on Monday asked citizens and investors to trust that the government will overcome the challenges brought about by Covid-19 and the loss of the EU’s Everything But Arms (EBA) scheme. Speaking to reporters at the Peace Palace in Phnom Penh,

  • Westerdam passenger ‘never had’ Covid-19

    The US Centres for Disease Control and Prevention (CDC) said the US citizen that allegedly tested positive in Malaysia after travelling on the Westerdam was never infected with Covid-19 in the first place. In an article published in the newspaper USA Today on Friday, CDC

  • ‘Ghost staff’ found, $1.7M returned to state coffers

    The Ministry of Civil Service said more than seven billion riel ($1.7 million) in salaries for civil servants was returned to the state last year after it discovered that the books had been cooked to pay ‘ghost officials’. This is despite claims by the Ministry of

  • Woman wanted for killing own son

    Police in Phnom Penh’s Meanchey district are on the lookout for a woman who allegedly hacked her son to death on Sunday in Stung Meanchey III commune. District police chief Meng Vimeandara identified the son as Chan Sokhom, 32. “The offender can’t escape forever.

  • H5N1 also poses deadly threat, ministry warns

    The Ministry of Health’s Communicable Disease Control (CDC) department has called on citizens to excise caution over H5N1 or bird flu that is spreading in the southern province of Vietnam. In a Facebook post, the department announced that it has made a series

  • Malaysia in turmoil

    Malaysian Prime Minister Dr Mahathir Mohamad has done it again. At the centre of two days of high drama and political manoeuvring, he has, wittingly or not, contributed to shaking Malaysia, and further causing its equities market to fall nearly three per cent. The drama