The International Chamber of Commerce (ICC) Digital Standards Initiative (DSI) has taken a significant leap forward in promoting trade digitalization by unveiling the 2nd set of digital standards recommendations today the 8th of November 2023..
This global launch which happened in Dubai under the auspices of ICC DUBAI and the Dubai Chambers shares the insights and recommendations developed by the ICC DSI Key Trade Documents and Data Elements Working groups, comprising over 40 organizations spanning the global supply chain..
This event focused on the challenges of trade digitalization and how simplified standards can aid in overcoming these hurdles, particularly in emerging markets currently formulating relevant policies..
These recommendations are part of the DSI’s Key Trade Documents and Data Elements (KTDDE) practice, which now includes a comprehensive baseline analysis for 14 key trade documents covering critical areas such as transport and logistics, finance and payment processes, and documents of the title..
These 14 key trade documents complement the initial 7 documents already released in March 2023 and are further enriched with a new trade data glossary and data sharing map for all 21 documents..
As per Pamela Mar, Managing Director of the Digital Standards Initiative at the ICC, “The discussion addressed challenges facing trade digitalization, and how a simplified approach to standards can help, as well as the opportunity in the emerging markets which are just now formulating policy and determining how to handle standards, data, and platforms.”
Insights for the Future of Trade
The report offers detailed insights into the critical data elements of each trade document, highlighting the digitization of paper versions that currently facilitate billions in trade daily..
Going beyond digitization, which converts paper-based data to digital formats, digitalization envisages a complete transformation where business-to-business and business-to-government transactions are executed digitally, thus reaping the benefits of speed, cost-efficiency, transparency, and sustainability..
Unifying Digital Trade
The DSI’s work is synergistic, building upon the foundational standards established by organizations like the World Customs Organization (WCO) and the United Nations Centre for Trade Facilitation and Electronic Business (UN/CEFACT), as well as industry organizations including The International Trade and Forfaiting Association (ITFA), the Global Legal Entity Identifier Foundation (GLEIF), and GS1, among others..
With recent innovations leading to market fragmentation, the ICC DSI aims to serve as a trusted, neutral entity to connect these digital islands, ensuring that businesses, governments, and people everywhere benefit from harmonized digital trading standards..
By collaborating with established standard-setting bodies and international organizations, the DSI is set to drive the adoption of existing standards and create new frameworks to unify digital trade processes..
Resources and Next Steps
For a comprehensive understanding of the ICC DSI’s expanded digital standards and their impact on the future of trade, you can access the full report and a video featuring the Key Trade Documents and Data Elements Working Group on the ICC DSI website..
I was proud and privileged to be part of this KTDDE Working group as I firmly believe that the ICC DSI’s initiative is not just a step but a major leap towards bridging the gap between standards and their adoption within the industry, marking a new era in efficient and unified global trade..