BANGKOK, THAILAND (25 January 2018) — The Asian Development Bank’s Trade Finance Program called for greater financial integration, including the development of trade finance, among Greater Mekong Subregion countries at a recent conference for trade finance professionals, central banks, and government ministries in Bangkok.
Transport and Trade Facilitation
Countries of the Greater Mekong Subregion are working to make the movement of goods and services across borders faster, easier, cheaper, more compliant, and more inclusive.
Over the past decade, the Greater Mekong Subregion’s (GMS) road network has expanded by almost 200,000 kilometers, and overland road freight has almost doubled. Yet despite these advances, remaining barriers to trade and transport continue to inhibit the subregion’s full economic potential and the cost of cross-border land transport remains high.
With much of the hard infrastructure in place, there has been a greater focus in recent years on the rules, regulations, agreements, and other “software” to make the movement of goods and services across borders in the GMS faster, easier, cheaper, more compliant, and more inclusive.
The GMS Transport and Trade Facilitation Action Program is working to overcome existing barriers in order to link the subregion to the ASEAN Economic Community’s single market and production base, as well as other regional cooperation initiatives.
The program is helping to expand transport and traffic rights along the GMS Cross Border Transport Facilitation Agreement (CBTA). route network; simplify and modernize customs procedures and border management; and strengthen the capacity of sanitary and phytosanitary agencies in the subregion.
To facilitate progressive implementation of the CBTA, the GMS Transport Ministers as members of the CBTA Joint Committee have agreed to an “Early Harvest” memorandum of understanding to allow the issuance and mutual recognition of GMS Road Transport Permits along the CBTA Protocol 1 route network and the border crossing points along these routes starting August 2018.
• Statement of the Seventh Meeting of the Joint Committee for the CBTA (13 March 2019)
Focal Persons at the Asian Development Bank
- Cristina Lozano-Astray
Public Management, Financial Sector, & Trade Division,
Southeast Asia Department
- Stephani Kamal
Public Management, Financial Sector, & Regional Coop Division,
East Asia Department
Other Concerned Staff & Consultants
- Rhodora Concepcion
Thailand Resident Mission,
Southeast Asia Department
- Alma Canarejo
Regional Cooperation and Operations Coordination Division,
Southeast Asia Department/GMS Secretariat
Send inquiries to GMS Secretariat.
Mekong governments need to create an enabling environment for public-private partnerships in infrastructure. Here are 4 ways to get the job done.
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