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It is here..!!! ICC DSI’s digital framework for Key Trade Documents and Data Elements

The International Chamber of Commerce’s Digital Standards Initiative (ICC DSI) has unveiled the groundbreaking framework designed to digitally transform end-to-end supply chains.

The Final Report of the Key Trade Documents and Data Elements (KTDDE) was released on the 24th of April 2024 in Stamford Bridge, London at the Commodity Trading Week Europe under a Special Session titled “Documents to Data: Unveiling the complete framework for digitalising global supply chains, end to end”.

The KTDDE initiative is a key milestone in global trade as it integrates 36 key trade documents into a single, unified framework that not only enhances interoperability but also secures data sharing across global trade operations.

A Comprehensive Approach to Digitalisation

The KTDDE working group chaired by Robert Beideman from GS1, meticulously analyzed essential trade documents, providing a robust foundation for digital transformation applicable across diverse sectors and interactions, whether business-to-business (B2B) or business-to-government (B2G).

This extensive 18-month study that involved several experts, practitioners, and regulators from the world of supply chain and trade worldwide, underscores the ICC DSI’s commitment to creating a seamless digital trade environment.

Commenting on the release of the Final KTDDE Report, Pamela Mar, Managing Director of the Digital Standards Initiative, emphasized the collaborative nature of the project stating “This work exemplifies the bridges that ICC DSI has built between standards development organizations, industry associations, international businesses, and the finance and service providers all along the supply chain.

It spotlights the ICC Digital Standards Initiative’s founding mission of developing an integrated, inclusive vision for the achievement of a harmonised, interoperable digital trade ecosystem for a rapidly changing world,” added Mar.

The Way Forward: ICC DSI’s Vision for Digital Trade

The report highlights the principles of ICC’s DSI

  • Adapt and apply: Digitalisation primarily is not about developing new or “better” standards, but rather about highlighting the standards that largely already exist, and providing a guide to how the different trade documents (and the shared data that power these documents) work together across every industry and player;
  • Convene and collaborate: The greatest value comes from collaboration between organizations with a substantive body of work in digital trade, whose individual efforts have not been leveraged by others, and vice versa;
  • Transparency and accessibility: Every player—from the small business to the multinationals dealing with thousands of transactions daily—would benefit from a simpler, trusted standards baseline for every part of the supply chain, which could then become their on-ramp for getting started with (or scaling) the work of trade digitalization.

As we now present to you the complete 36 document standards set, the vision has been realised. Our work is just beginning. We now turn toward driving adoption across industries globally and amplifying our efforts to share a holistic vision for creating trust in data and for digital trust at scale,” concluded Mar.

Commenting on the release of the report, Stephan Wolf, the newly appointed Chair of the DSI Industry Advisory Board and CEO of the Global Legal Entity Identifier Foundation, praised the project for signaling an end to the fragmentation in global trade. He highlighted the unified framework’s ability to bridge gaps between businesses, standards organizations, intergovernmental bodies, and regulators.

Conclusion

The ICC DSI’s comprehensive digital framework for Key Trade Documents and Data Elements marks a significant advancement in the digitalization of global trade. By providing a clear, actionable plan and fostering collaboration across various sectors, ICC DSI is paving the way for a more integrated and efficient global trade environment.

Stakeholders are encouraged to engage with this transformative initiative to realize the benefits of a digital-first trade ecosystem.

For those interested in deeper insights or to access the full KTDDE report, please visit the ICC Digital Standards Initiative’s website.


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