Business Bayani PH

The International Chamber of Commerce’s Digital Standards Initiative (ICC DSI) has completed a major report that could simplify international trade.

The Challenge: Inconsistent Documents

For years, international trade has relied on a complex web of 36 key trade documents, each with its own format and requirements. This inconsistency created delays and errors, hindering global commerce.

The Solution: Standardization

The ICC DSI’s Key Trade Documents and Data Elements (KTDDE) report analyzes these 36 documents and proposes a standardized approach. This will make trade smoother and faster for businesses of all sizes.

“Alignment of data and standards is a prerequisite to a more harmonized, connected digital trade ecosystem. This work – which really is the work of over 50 organizations active in trade standards – is a foundational step. We now need to see widespread adoption as a way to simplify and speed all trade processes, and that’s going to be a target moving forward,” said Pamela Mar, managing director of the ICC DSI.

The Report’s Findings

• The report categorizes the 36 documents based on their current level of digitalization.
• Some documents, like the TIR Carnet, are already well-established in a digital format.
• Others, like the Excise Guarantee, are in the early stages of digitalization.

The Path Forward

The KTDDE report is a crucial first step, but more needs to be done. The ICC DSI recommends several key actions:

• Industry-wide adoption: Businesses need to embrace the standardized formats outlined in the report.
• Digital infrastructure: All players in international trade must collaborate to build and improve digital infrastructure.
• Data exchange standards: Consistent data exchange formats are essential for seamless communication.
• Digital identity solutions: Standards for verifying identities online will be crucial for secure transactions.
• Regulatory collaboration: Governments need to work together to create clear rules for digital trade.

A Digital-First Future

The ICC DSI emphasizes the importance of a “digital-first” approach. This means encouraging all stakeholders, including smaller businesses, to participate in the digital transformation of international trade.

Sue Probert, chair of UN/CEFACT, highlighted how this initiative will achieve two things. First, it will help us all move faster with digital trade. Second, it will help update a global reference list used for trade documents, making everything more consistent.

On top of the report, ICC DSI has also created an online guide called the Key Trade Data Glossary. This guide is like a one-stop shop for understanding all the important trade documents. It will also help ensure everyone’s data is formatted the same way, so information can be shared securely and easily.

The KTDDE report is a big step forward for making international trade less confusing. It’s like building a new system for trade documents that’s more reliable and secure. We’re encouraging everyone involved in international trade, businesses and governments alike, to adopt these new standards.Ⓒ