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Japan, ASEAN seek to facilitate trade through digital shift

Japan will work with the Association of Southeast Asian Nations (ASEAN) members to promote the digital processing of import-export activities in an effort to facilitate bilateral trade, Nikkei Asia reported.
Japan, ASEAN seek to facilitate trade through digital shift ảnh 1Illustrative image (Photo: AFP)
Tokyo (VNA) – Japan will work with the Association ofSoutheast Asian Nations (ASEAN) members to promote the digital processing of import-exportactivities in an effort to facilitate bilateral trade, Nikkei Asia reported.

It said that the two sides will agree on a digital roadmapas part of an action plan to be discussed at the Japan-ASEAN economicministers' meeting to be held in Indonesia at the end of this month.

The roadmap will include targets for the volume of trade tobe digitised, as well a goal of digitising customs procedures in each country.

Trade between Japan and ASEAN countries grew 17% to 240.2billion USD in 2021, according to ASEAN data, but much of this remains bound bypaper and email chains.

Each import and export transaction can involve dozens ofdocuments, including certificates of origin and payment information. The formatdiffers from company to company, making the process cumbersome.

Japan's Ministry of Economy, Trade and Industry will request1.5 billion yen (10.3 million USD) in funding for next fiscal year's budget tosupport expanding such private-sector services. METI aims to subsidisemanufacturers and trading companies that use these cross-border services on atrial basis.

The Japan-ASEAN roadmap will also include partnerships onextracting and recycling minerals from discarded products.

The move comes as nations seek stable sources of lithium,rare-earth elements and other critical minerals amid concerns of supplyshortages. Japan has invested in recycling critical minerals extracted fromdiscarded electronics. The Japanese government is looking to bring its homegrownrecycling technology to ASEAN./.
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