Timeline
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New Zealand Institute of Economic Researches (NZIER) has investigated what is needed to drive and develop a paperless trade environment for government and non-government supply chain participants. The gains from introducing paperless trade are significant to the point where they potentially match a high-quality trade agreement that delivers benefits year-on-year (NZIER 2021). The gains are… Read more
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Digital Trade Governance: The UK’s Approach
Digital technologies have affected international trade relations and what is traded across borders, giving rise to digital trade. Digital trade has become an important part of international trade discussions, requiring specific policies and measures at different regulatory levels. Together these are referred to as digital trade governance. Good digital trade governance aims to enable cross-border… Read more
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This report outlines a National Action Plan designed to enhance Kazakhstan’s digital trade integration within the Asia-Pacific region. Addressing gaps in digital trade policies will foster a more competitive and transparent environment for businesses and investors in Kazakhstan’s digital economy. Using ESCAP’s Regional Digital Trade Integration Index (RDTII) framework and database, this paper identifies priority… Read more
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Trafigura Leads the Way with a Groundbreaking $2.885 Billion Syndicated Facility Leveraging Electronic Bills of Lading (eBL)
In a transformative move for global trade finance, Trafigura, in partnership with ING and 27 other lenders, has successfully executed a $2.885 billion borrowing base facility using electronic Bills of Lading (eBL) as collateral. This pioneering transaction demonstrates the growing influence of digitization in trade finance, supported by the UK’s Electronic Trade Documents Act (ETDA),… Read more
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Data and Digital Trade
The global economy has experienced a rapid growth in digitally facilitated and delivered trade in goods and services. The Government has adopted a “consciously broad” definition of digital trade to reflect this trend. While we understand that trade is increasingly digital, such breadth may be an obstacle to identifying areas for improvement. We suggest that… Read more
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Driving the Future of Trade Finance: How Digital Standards are Paving the Way for Paperless Trade
At Sibos 2024 in Beijing, industry leaders convened to discuss the accelerating digitalisation of global trade. A notable session featured Ben Arber, CEO of Complidata, in conversation with Pamela Mar, Managing Director of the Digital Standards Initiative (DSI) at the International Chamber of Commerce (ICC). Their discussion centered on the transition to paperless trade finance… Read more
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Understanding the EU’s PSD3 Directive and PSR Regulation: Key Changes and Implications
The European Commission has introduced two significant legislative proposals: the third Payment Services Directive (PSD3) and the Payment Services Regulation (PSR). These initiatives aim to enhance the European payments market by building upon the foundations of PSD2, striving for greater harmonization and reducing national discrepancies. Objectives of PSD3 and PSR The primary goals of PSD3… Read more
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EU Council Approves Strategic Plan to Strengthen Europe’s Digital Infrastructure and Cybersecurity
On December 6, 2024, the Council of the European Union approved conclusions regarding the European Commission’s White Paper titled “How to master Europe’s digital infrastructure needs?” This approval underscores the EU’s commitment to advancing secure, resilient, and high-capacity digital infrastructures across member states. Key Highlights: These conclusions align with the EU’s broader objectives of achieving… Read more
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Basics of Risk Management in Trade
The clearance of goods to enter a market is often considered a balance between facilitating and controlling. The latter is checking that the goods are compliant with all relevant rules and regulations, corresponding to legitimate regulatory objectives. This may include consumer health and safety, safeguarding the environment, compliance with social norms or aiming to achieve… Read more
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The EU’s Vision for Digital Trade: Policies and Global Influence
The digital revolution has redefined global commerce. From the exchange of goods and services to the facilitation of international supply chains, digital trade has become an essential component of economic development. In this context, the European Union (EU) has recognized the imperative need to integrate digital considerations into its trade policies, thereby shaping a comprehensive… Read more