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APEC Peru 2024: Mincetur promotes initiative to facilitate trade among member economies

Photo: APEC Peru 2024

Photo: APEC Peru 2024

08:30 | Lima, Aug. 16.

The Ministry of Foreign Trade and Tourism (Mincetur) underscored that Peru seeks to boost the use of electronic bills of lading among the 21 Asia-Pacific Economic Cooperation (APEC) members, which could generate between US$30 billion and US$40 billion in commercial benefits for the entire foreign trade chain.

This was stated by Deputy Foreign Trade Minister Teresa Mera on Thursday, during her participation in the workshop "Improving the Digitalization of International Trade: The Relevance of the Use of an Electronic Bill of Lading," within the framework of APEC's Third Senior Officials' Meeting currently being held in the Peruvian capital, Lima.

This initiative —submitted by Mincetur within the framework of the Sub-committee on Customs Procedures (SCCP)aims to gather information on the current regulatory and technological panorama of APEC economies, in order to promote the exchange of international best practices and show the benefits of their adoption for the public and private sectors.

To this end, a survey and workshop will be conducted with participants from all member economies.

The latter will feature expert presentations and a practical session, where representatives will be able to develop a roadmap for implementing the electronic bills of lading.

The bill of lading is a document that certifies the contract of transportation by sea or river.  It is issued by the shipping company or shipping agent, which confirms that the cargo has been received on board the ship to be transported to a port.

By making this exchange in electronic format, it allows for saving time and money in operations.

However, less than 4% of the bills of lading issued in 2023 were electronic.

"The goal is to make global trade smoother and more efficient for all APEC economies. Effective trade facilitation helps reduce costs, minimize shipping delays, and remove bureaucratic obstacles. This initiative is another proof of Peru's full commitment to implementing trade facilitation measures," Deputy Minister Mera underscored.

The Asia-Pacific Economic Cooperation (APEC) forum prioritizes trade facilitation among its core activities.

APEC initiatives are instrumental in helping economies work together to reduce trade barriers, enhance customs procedures, and foster regional economic integration.

As is known, Peru is hosting APEC for the third time after the 2008 and 2016 editions.


(END) DOP/MVB

Published: 8/16/2024