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Digital Trade Roadmap

The document outlines a roadmap for digitizing trade to align stakeholders and promote digital transformation. It recommends that governments update laws to accept electronic documentation, simplify bureaucracy, and fulfill trade obligations. It suggests that ICC develops digital rules and standards, and increases collaboration. It proposes that industry participates in pilots and provides accessible solutions. The roadmap's goal is to automate processes, reduce costs, and achieve financially inclusive and interoperable digital trade.

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Aimi Suhaila
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150 views8 pages

Digital Trade Roadmap

The document outlines a roadmap for digitizing trade to align stakeholders and promote digital transformation. It recommends that governments update laws to accept electronic documentation, simplify bureaucracy, and fulfill trade obligations. It suggests that ICC develops digital rules and standards, and increases collaboration. It proposes that industry participates in pilots and provides accessible solutions. The roadmap's goal is to automate processes, reduce costs, and achieve financially inclusive and interoperable digital trade.

Uploaded by

Aimi Suhaila
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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DIGITAL TRADE

ROADMAP
A Communication Tool for Policymakers
VERSION 2.0
WHY DO WE NEED A ROADMAP
FOR DIGITISATION?

WHY WHO WHAT


do we need a roadmap? is the target audience? are we asking you to do?

• Aligns diverse • Lawmakers and • Promote the roadmap


stakeholders towards policymakers to align efforts
common vision • International • Update laws
• Provides clear lines organisations
• Standard setting • Create interoperable
of responsibility
bodies digital standards
• Promotes a results
• Industry experts from • Champion digital
driven approach
all trade sectors transformation within
[All stakeholders* are messengers] industry

*government, industry and key trade bodies such as ICC 1


HOW DO WE GET TO A DIGITAL FUTURE?

TODAY NEXT FIVE YEARS FUTURE

WE NEED TO:
HEAVILY PAPER-BASED AUTOMATION
PROCESSES Faster, more efficient clearance
DIGITISE THE FLOW OF
Four billion documents circulating processes – trade, reporting,
INFORMATION IN TRADE Know Your Customer, customs
in the trade system

LIMITED ACCESS TO FINANCE REDUCE THE COST OF FINANCIAL INCLUSION


US$1.5 trillion trade finance Cheaper finance, SMEs
CAPITAL
gap persists benefitting from trade

OUTDATED LAWS ALIGNED LEGAL FRAMEWORKS


UPDATE LAWS, Universal handling of electronic
Legal uncertainty regarding
acceptance of digital trade REMOVE BARRIERS documentation, use of trusted data
documentation (eDocs), etc. governance principles

ABSENCE OF STANDARDS INTEROPERABLE SYSTEMS


Lack of standardised wording
DEVELOP DIGITAL
Connected technology platforms,
and formatting STANDARDS cross-border payments, verifiable
goods, no digital islands

2
WHAT ACTIVITIES GET US THERE?

LEGAL RULES AND DIGITAL


INFRASTRUCTURE STANDARDS TRANSFORMATION

RESPONSIBLE
Government ICC Industry
PARTY

Implement commitments, Build consensus, align Upskill teams, digitize


review laws, identify and resources, connect initiatives processes, integrate systems,
ACTIVITY remove barriers, align to pilot innovative technology
international best practice solutions

3
GOVERNMENT: 9 STEPS FOR UNLOCKING DIGITAL TRADE

Update Legal Simplify Fulfill Trade


Infrastructure Bureaucracy Obligations*
1. Require all trade 4. Appoint a single 7. Customs bureaucracy
documentation to be digital champion Fulfill WTO Trade
digital Single point of contact to Facilitation Agreement
Align to UNCITRAL Model coordinate across government obligations
Law on Electronic departments
Transferable Records 8. Food import safety
5. Support the WTO Digitise Sanitary and
2. Accept all digital import ecommerce agreement Phytosanitary
documentation Advocate for an ambitious, documentation
Accept verifiable electronic inclusive outcome that
documents (or data) across provides a scalable 9. Data governance
all government departments environment for digital trade Adhere to UN Norms
of Responsible State
3. Promote electronic 6. Work with regulators to Behaviour in Cyberspace,
single window reduce capital allocation for G20 data governance
As a mechanism to trade finance protocols
standardise documents for Collaborate in building an
import and export evidence-based regulatory
regime

* Specific to signatories of these agreements only 4


ICC: 7 STEPS FOR FOR UNLOCKING DIGITAL TRADE

Prepare for Develop Rules Increase


New Technologies and Standard Collaboration with
Non-Bank Stakeholders

1. Develop and maintain 3. Modernise digital rules 7. Establish a forum to allow


an open set of smart and standards for for industry input into
industry contracts and traditional trade finance ongoing rules
automated rules discussions
4. Introduce new digital rules Including corporates,
2. Choose trade corridors and standards for trade fintechs, shippers, insurers,
and industries with which finance alternative providers of
to prioritise pilots trade finance, WCO, WTO,
5. Establish a repository UNCITRAL, regulators
of best practice

6. Build the Digital


Standards Initiative

5
INDUSTRY: 5 STEPS FOR UNLOCKING DIGITAL TRADE

Participate in Digital Pilot New


Solutions Technologies

1. Documentation reform 4. Participate in pilot


projects
2. Internal system updates Test new solutions
Update internal systems to
support digital documentation 5. Deliver new solutions
needed in the cross-border Provide solutions that are
processes cheaper, faster, and more
accessible for all
3. System integration stakeholders
Integrate internal systems for
digital documents with those
used by customs, banks and
other parties

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