Apec trade transparency worth $148 billion

Removing bribes and hidden trade barriers in APEC member economies could add about $148 billion to the economies of the fast-growing Asia-Pacific region, a World Bank report published yesterday said.

The report, issued ahead of this week's Asia Pacific Economic Cooperation summit, called for more transparent and predictable trade regulations among the 21-member group.

"Apec member economies perform relatively well with regard to transparency," the report said. "Empirical analysis suggests however that reform in areas such as 'hidden' trade barriers and unofficial payments has considerable potential to raise intra-regional trade."

Apec's economies - which include the US, Japan, China and Russia - account for nearly half of global trade and 56 per cent of the world's gross domestic product.

Making trade policy more predictable would include moving toward flatter tariff structures, making import and export delays less variable, lowering uncertainties surrounding bribes, and reducing favouritism in administrative decision-making.

Paying bribes can often be part of the negotiations between an exporter or importer and a customs agent, the report said.

"Regular traders may need to engage in such negotiations repeatedly, with a variety of different personnel," the report said.