The digitalisation of trade
Last updated
Last updated
“Despite the advance of digital technologies, the vast majority of global trade and supply chains continue to rely on paper forms, analog processes and elementary forms of information exchange” (ICC Digital Standards Initiative, ).
There have been concerted efforts in the last few years by governments and international bodies to encourage the digitisation of trade documents and processes.
These include, but are not limited to:
: this is a global initiative based in Singapore, backed by the International Chamber of Commerce (ICC), Enterprise Singapore, the Asian Development Bank, the World Trade Organisation and the World Customs Organisation. The ICC Digital Standards Initiative aims to accelerate the development of a globally harmonised, digitalised trade environment, as a key enabler of dynamic, sustainable, inclusive growth.
: this gives paperless versions of trade documents the same legal standing as their physical counterparts.
(MLETR) by United Nations Commission on International Trade Law (UNCITRAL): this is a model law adopted by countries such as Bahrain, Singapore, and Paraguay, providing a legal framework for recognizing electronic equivalents of paper-based transferable documents.
Digital Economy Agreement Leadership (DEAL) Group: this group aims to create a forum for information exchanges, and contribute to the growth of inclusive and sustainable digital economies around the world. It draws upon expertise from governments which have signed DEAs.
: In recent meetings, G20 ministers have emphasised the importance of digitising trade to enhance global trade resilience. They have called for increased collaboration on digital trade standards and legal frameworks to support the digital transformation of trade processes.
These major geopolitical initiatives provide significant tailwinds to tech-driven real-world implementations, such as Sumara.