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Digital Trade Insights Q2 2024

Tags
Digital Trade
Paperless Trade
trade finance
news
eBL
electronic bill of lading
MLETR
France
UNCITRAL
ICC
DSI
KTDDE
eCO
WCO
PIL
DCSA
Trade Digitization
Trafigura
World Bank
Low-carbon hydrogen
energy
HSBC
Bahrain Steel
ePhyto
IPPC
Colombia
WTO
LEI
Horn of Africa Initiative
DT4E
ExxonMobil

 

Digital Trade Insights Q2 2024 HEADER

In our latest quarterly issue: Recent industry reports highlight digital trade challenges and achievements alongside actionable recommendations, key developments around legal recognition of digital title documents in trade & trade finance, digitalization use cases in practice + much more! + SUBSCRIBE

Industry News & Views

MLETR FRANCEFrance joins MLETR club, recognising ‘Titre Transférable Électronique’: France officially became the latest major economy to legally recognize digital title documents such as electronic Bills of Lading (eBLs), recently adopting its own MLETR-aligned law (source: TFG). + READ MORE

WAREHOUSE GTR FINANCINGFreshly adopted model law may spur warehouse receipt financing: UN bodies UNIDROIT & UNCITRAL recently adopted a model law governing warehouse receipts, potentially opening up new financing sources for commodity players in developing countries (source: GTR). + READ MORE

ICC KTDDEICC launches complete framework for supply chain digitalization, releases final KTDDE report: ICC Digital Standards Initiative (DSI) released its final Key Trade Documents and Data Elements (KTDDE) report, providing an analysis of 36 key trade docs (source: ICC). + READ MORE

WCO CO STUDYStudy on the Digitalization of the Certificate of Origin: World Customs Organization explores the current state, challenges, and success factors related to implementing digital CO systems, incl. findings from survey responses from 84 customs administrations (source: WCO). + READ MORE

ESCAP TDI INDEXTrade Digitalization Index 2024: Five UN Regional Commissions recently launched the Trade Digitalization Index (TDI), aimed at providing governments a way to assess digital progress, pinpoint weaknesses and assist in identifying areas requiring support (source: UNESCAP). + READ MORE

FINEXTRA END GAME SWIFTPutting an End to the Trade Digitisation Waiting Game: Terry Hubert, Global Trade Strategist, Swift, shares his views on the unique challenges and way forward for digitising global trade to drive a frictionless and inclusive digital trade economy (source: Finextra). + READ MORE

DCSA LEGAL REGULATORY BARRIERSOvercoming legal & regulatory barriers to eBL adoption: Recent report by the Digital Container Shipping Association (DCSA) sheds light on the current status of rules, regulations and procedures impacting eBL uptake in 15 key legal jurisdictions (source: DCSA). + READ MORE

TRAFIGURA CASE STUDYVIDEO | Corporate & bank perspective on adopting ETDA – Use case /w Trafigura: TFG's Deepesh Patel recently joined Trafigura's Shobhit Singh & ITFA's André Casterman to discuss ETDA's impact plus highlights from Trafigura’s successful adoption of eBLs (source: TFG). + READ MORE

HSBC BAHRAIN PRHSBC leads digital transformation in trade finance: HSBC Bahrain recently announced it facilitated a digitized import transaction using ICE CargoDocs for its client Bahrain Steel, a leading producer and global supplier of high-grade iron ore pellets (source: ZAWYA). + READ MORE

TRADE PROSPER MARINA COMNINOSCan Trade Prosper without Digitisation?: ICE Digital Trade Co-Head, Marina Comninos, contributes to ICC UK’s latest issue of ‘Trade for Prosperity’, exploring the hurdles to digitising trade and key collaborative steps needed to accelerate adoption (source: IDT via ICC UK). + READ MORE

COLOMBIA EPHYTOColombia adopts ePhyto: Colombia’s phytosanitary authority announced it is adopting ePhyto certificates, informing supply chain participants that paper certs will be phased out by 30th April and that it will integrate /w IPPC ePhyto Hub (source: Global Alliance for Trade Facilitation). + READ MORE

UNCTAD HIDDEN COSTNew global dataset reveals hidden costs of international trade & transport: Findings from a dataset developed by UNCTAD & the World Bank, detailing the value & volume of physical trade incl. costs and transport effort for import/export across 170+ countries (source: UNCTAD). + READ MORE

COLUMBIA SIPA ENERGY TRACKERNational Hydrogen Strategies & Roadmap Tracker: As low-carbon hydrogen emerges as a key element of the net zero transition, a recently published tracker collates all national hydrogen strategies announced by 60+ governments (source: Center on Global Energy Policy). + READ MORE

HORN AFRICA DIGITAL GAPDigital Trade Gap Assessment: Gap Assessment prepared by the World Bank provides an analysis of the technology frameworks across the seven Horn of Africa Initiative (HoAI) countries, identifying areas requiring technical & financial support (source: HoAI Secretariat). + READ MORE

TRADE AT RISK EAST ASIAGlobal supply chains at risk without new rules for digital trade: ICC Secretary General, John Denton, on why the fragile global trade recovery intensifies the need for WTO reform and mutual int'l trade rules which address 21st century challenges (source: East Asia Forum). + READ MORE

WTO TRADE OUTLOOK 2024WTO Global Trade Outlook and Statistics Report: Latest WTO trade outlook predicts promising rebound for global trade in 2024, projecting 2.6% growth in merchandise trade volume despite downside risks such as geopolitical tensions and rising protectionism (source: WTO). + READ MORE

LEI TRADE COST GTR“Wake-up call” – LEIs could cut trade costs by US$100bn, industry argues: Influential industry groups are urging governments to push adoption of the G20-led Legal Entity Identifier (LEI) system, arguing wider uptake could cut trade costs by US$100bn (source: GTR). + READ MORE

PIL JOINS DCSAPIL joins DCSA to proceed with shipping digitalisation standards: Singapore-headquartered container line, PIL, joins DCSA to collaborate on the development, alignment, and validation of digital standards for container shipping (source: Container News). + READ MORE

ICE Digital Trade News

EXXONMOBIL GUYANA DT4EExxonMobil Guyana selects ICE Digital Trade for Energy (DT4E) to digitize its cargo operations processes: Having concluded an RFP to find a solution that improves data visibility & management, digitizes the crude lifting process, and enables digital cargo docs. + READ MORE

ICE Digital Trade in Numbers

Paperless Insights Q2 2024 Metrics

 

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