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

  • Negotiations on EBA being held

    In an effort to defuse tensions, a senior government official said Cambodia is negotiating with the European Union (EU) on the Everything But Arms (EBA) trade deal, which allows the Kingdom to export goods to the 28-member bloc tariff-free. The EU notified Cambodia on October 5

  • Ministers to tackle sea pollutants

    Preah Sihanouk provincial authorities and members of local communities have collected 77 tonnes of water hyacinth at a Sihanoukville beach, Preah Sihanouk Provincial Hall spokesperson Or Saroeun said. He told The Post yesterday that the aquatic weeds had been floating along some of the province’s

  • Chinese police escort deported scam suspects

    Ninety-one Chinese nationals accused of extorting money from victims in a Voice over Internet Protocol (VoIP) scam were deported from Phnom Penh International Airport on Monday under the escort of 182 Chinese police personnel. General Department of Immigration head of investigations Ouk Hay Seila told reporters

  • Sam Rainsy, government group set to clash at IPU Geneva meet?

    Opposition figure Sam Rainsy has been invited to speak at the General Assembly of the Inter-Parliamentary Union (IPU) in Geneva, according to a former Cambodia National Rescue Party (CNRP) lawmaker. A government delegation is also set to attend the meeting, a National Assembly press release