A new report released today in Beijing by the University of International Business and Economics (UIBE) offers compelling evidence of the benefits of TIR to establish unimpeded trade for China.
Highlighting current challenges, the report shows the potential benefits of TIR, which could reduce transit time by as much as 80 percent and increase total exports by up to USD 7.86 billion.
With trade development a keystone of China’s “One Belt One Road” initiative (OBOR) – due to be advanced at the forthcoming OBOR Summit in Beijing this weekend – the report’s timely release sees momentum building towards the speedy implementation of TIR in China.
The study also establishes TIR as the ideal tool to facilitate the World Trade Organization’s Trade Facilitation Agreement, which China has ratified.
Jointly produced by IRU and UIBE, the study’s key findings are available to download here.