trade digitalisation
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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 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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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
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Tokenisation is often touted to unlock vast potential, particularly in markets plagued by inefficiency and illiquidity. There is a market consensus forming that investors are drawn to adopt tokenised assets due to reduced transaction costs and enhanced liquidity. For institutions on the supply side, the allure seems to lie in accessing new capital, boosting liquidity, Read more
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Study on the potential impacts of a future EU-Singapore Digital Trade Agreement
The European Union (EU) and Singapore are currently negotiating a new EU-Singapore Digital Trade Agreement (EUSDTA). The EUSDTA builds on several existing trade arrangements between the EU and Singapore, including a bilateral free trade agreement, the investment protection agreement, which is pending ratification, and a negotiated set of digital trade principles. Negotiations for the EUSDTA Read more
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Legal Framework for Digital Development and Transformation in Selected Industries
In recent years, the development and widening application of emerging digital technology – e.g. Web 3.0 technology (including distributed ledger technology (“DLT”)), Internet of Things (“IoT”), artificial intelligence (“AI”) and automation – have transformed ways through which economic activities are conducted, leading to the emergence of a “digital economy”. Specifically, Web 3.0 technology may disrupt Read more
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European Services Forum Position Paper on EU Future Trade Policy
Competitiveness concerns have returned to EU discourses. The warning signals concerning the EU’s economic underperformance are growing, notably from Germany, where the EU’s main economic engine for the European Union is slowing down. To add to these grim overall macroeconomic trends, there are also growing clouds on the trade horizon: war, geopolitical tensions, the Red Read more
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Deep-Tier Supply Chain Finance: Unlocking the Potential
Deep-tier supply chain finance (DTSCF) not only unlocks finance at favorable rates for deeper tiers in a supply chain, but it promotes an ecosystem of financial stability, risk management, and sustainability throughout the entire supply chain. DTSCF has the potential to reshape and strengthen traditional relationships by fostering more resilient; transparent; and environmental, social, and Read more