Timeline
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The Digital Standards Initiative (DSI) of the International Chamber of Commerce (ICC) is on a mission to digitalise global trade by addressing some of the biggest challenges facing governments, businesses and people today. Among the four challenges1we have identified, perhaps the steepest one is around standards for interoperability. With hundreds of electronic and digital standards… Read more
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With trade in goods valued at £1.7 trillion and services valued at £896 billion, trade matters to the economy. The UK has a unique opportunity to drive economic growth and improve productivity, by digitalising international trade, reducing bureaucracy, and leveraging the Electronic Trade Documents Act 2023 (ETDA). As the first G7 economy to remove legal… Read more
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In May 2024, the American National Standards Institute (ANSI) began work on a project aimed at enhancing the practical understanding of public-private partnership (PPP) models. The work included examining their use to support standards development for CETs, the role of government in the related activities, and identifying key elements of effective collaborative mechanisms for addressing… Read more
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EU and China launch Cross-Border Data Flow Communication Mechanism
On 27 August, the EU and China launched the first discussions under the new Cross-Border Data Flow Communication Mechanism. Sabine Weyand, director-general of DG Trade at the European Commission, met with Vice-Minister Wang Jingtao of the Cyberspace Administration of China to formally launch the new mechanism. The mechanism will focus on practical solutions to address problems… Read more
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CBP Champions Trade Modernization Through Global Interoperability Standards Testing
U.S. Customs and Border Protection (CBP) announced the agency’s 2024-2025 plan to accelerate testing and adoption of global interoperability standards, kicking off a new testing phase for innovative trade technology. The agency will work with private and public sector partners during the 2024 testing phase this fall, leading up to international testing in 2025. Interoperability… Read more
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The emergence of the Port Community System (PCS). The PCS represents a pivotal development in the world of maritime trade facilitation and logistics. These sophisticated digital platforms enable seamless exchange of information, coordination, and collaboration among the port community stakeholders. By streamlining communication and automating data exchange, the PCS drives efficiency, transparency, and security in… Read more
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The Use of Insurance Documents in International Trade – Enabling Digitalisation
For the past few years, work has been underway to harness emerging technologies such as blockchain, smart contracts, the Internet of Things (IoT) and Artificial Intelligence (AI) within the insurance industry. The technologies can be harnessed to digitalise cargo insurance documentation. However, one of the barriers to adopting and using digital alternatives is the legal… Read more
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Joint Statement on Electronic Commerce
The following communication, dated 26 July 2024 is being circulated at the request of Australia, Japan and Singapore as Co-Convenors on behalf of the participants of the Joint Statement Initiative on Electronic Commerce. We recognise the importance of global electronic commerce and the opportunities it creates for inclusive trade and development, and the important role… Read more
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EU and Singapore Conclude Negotiations for Landmark Digital Trade Agreement
Today, the EU and Singapore concluded negotiations for a Digital Trade Agreement (DTA). This deal is the first EU agreement of its kind, reflecting the EU’s aspiration to be a global standard-setter for digital trade rules and cross-border data flows. The DTA will complement the 2019 EU-Singapore Free Trade Agreement, connecting both economies further and benefiting businesses and consumers… Read more
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The e-book provides an in-depth look at the evolving digitalization in trade finance. It discusses how digital solutions are transforming traditional trade processes, improving efficiency, transparency, and security. Key technologies covered include blockchain, artificial intelligence, and electronic documentation, which help streamline operations like payments and risk management. The guide also explores the benefits of adopting… Read more