Towards Globally Harmonized Standards for the Digital Trading System

10:00 am
 – 12:00 pm

Hybrid event – in person at ESCAP Headquarters (Bangkok) and online (Zoom)

Trade digitalization is in full swing across the global real economy, reducing transaction costs, facilitating effective participation in global value chains, and enhancing market access and reach. Yet in the process of digital transformation, we run the risk of digital islands, siloed progress, and a splintering of digital trade standards.

On the margins of the Seventh Meeting of the Interim Intergovernmental Steering Group on Cross-Border Paperless Trade Facilitation, the Digital Standards Initiative (DSI) of the International Chamber of Commerce (ICC) is pleased to present the hybrid event: ‘Towards Globally Harmonized Standards for the Digital Trading System’.

The importance of international standards and guidelines are specified in the Framework Agreement on Facilitation of Cross-border Paperless Trade in Asia and the Pacific (Article 9). Participants to the Interim Steering Group, as well as interested policy makers, private sector stakeholders and academia, will benefit from this event.

In this event we will explore digital trade standardization through the work of the DSI, the United Nations Commission on International Trade Law (UNCITRAL) and the interoperability framework TradeTrust, and will seek to answer the following questions:

  • What digital trade standards already exist and are fit for widespread deployment?
  • What are the legal and regulatory impediments to the use of electronic trade documents?
  • How can states operationalize the digitalization of trade and trade finance processes?
  • How much economic value can be unlocked through the use of digital trade solutions? And what best practices are being developed by early movers?