Cambodia, China and Bangladesh signed a framework agreement on the facilitation of cross-border paperless trade yesterday under a new United Nations-backed treaty that aims to strengthen digital trade in the region, according to a press release.

The treaty is an initiative of the Economic and Social Commission for Asia and the Pacific (ESCAP), a UN regional development arm that comprises 53 member states across Asia and the Pacific, as well as including the UK, US and France.

The UN estimates that export gains in the region could increase by $250 billion annually if the treaty is fully implemented, and $36 billion if only partially implemented.

The treaty is open to be signed until the end of September and will enter into force 90 days after it has been ratified by five countries.