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Digital Trade Insights Q4 2023

Digital Trade
Paperless Trade
trade finance
Electronic Trade Documents Act
electronic bill of lading
local law eB/L
FIT Alliance
ICE Digital Trade
ICE CargoDocs
Hanwha Solutions
  Digital Trade Insights Q4 2023 HEADER

In our latest quarterly issue: Framing MLETR uptake as the major catalyst for accelerating digital trade into 2024, exploring new and emerging challenges around fully digitalized trade & trade finance, key eDocs milestones across the globe + much more! + SUBSCRIBE

Industry News & Views

BIMCO MMDFBIMCO and Global Mining Companies release Position Paper on Trade Digitalization: Part of the efforts of the Metals & Mining Digitalization Forum (MMDF), a working group formed by 4 of the world's largest mining companies with support from BIMCO (source: BIMCO). + READ MORE

C4DTI ICC UK reportSeizing the moment: Unleashing the potential of trade digitalization: ICC UK and the Centre for Digital Trade & Innovation (C4DTI) release report on digital trade benefits, feat. 16 case studies covering UK trade, digital transactions in other jurisdictions +more (source: ICC UK). + READ MORE

TFG EBL IN FOCUSeBL in focus: How digital standards are transforming global trade: Overview of the ongoing work of the FIT Alliance – the industry group founded by DCSA, ICC, BIMCO, FIATA & SWIFT – covering its efforts to accelerate adoption of a standards-based eBL (source: TFG). + READ MORE

BANKER ENDGAME PAPER TRADEThe endgame for paper in global trade: Developments in digitizing trade, highlighting recent initiatives from industry bodies, governments and banks, framed around the UK’s ETDA as a key catalyst for bringing trade into the digital age (source: The Banker). + READ MORE

FUTURE EBLS PORT TECHNOLOGYThe future of eBLs and digitalization: Brief interview with Niels Nuyens, Program Director at DCSA, touching on recent strides made in digitalizing trade, focusing on the eBL as the spearhead of the global transition to digital trade documentation (source: Port Technology)+ READ MORE

AU GOV EPHYTOPaperless trade now extends to ePhyto for Australian exports: Global uptake of ePhyto certificates continues to gain traction, as Australia completes its first ePhyto exports pilot using the IPPC ePhyto Hub (source: Dept. of Agriculture, Fisheries & Forestry). + READ MORE

ICE WARRANTSICE Completes First Delivery of London Cocoa Using Fully Electronic Warehouse Warrants: Powered by its next generation Softs Deliveries Platform (SDP), replacing paper-based systems historically used in the delivery process (source: ICE via Business Wire). + READ MORE

hfw risk profileBrave New World? Changing risk profiles in trade & trade finance: HFW briefing paper examines how long-familiar risk profiles in trade & trade finance are now changing, due to key legal developments plus innovations in the operational/tech landscape (source: HFW). + READ MORE

tradeready unpacking digital transfUnpacking the Digital Transformation of Trade: Key questions & practical considerations related to tech-enabled interaction among trade stakeholders, starting by addressing two easily confused terms: digitization and digitalization (source: Tradeready). + READ MORE

ICC QATAR GULFICC Qatar kicks off Commission on Customs & Trade Facilitation: During the recent ‘Mapping the Course for UNCITRAL MLETR Implementation in Qatar’ event, setting the stage for further developments supporting digital trade in the country (source: Gulf Times). + READ MORE

BIMCO ETDA DEFINING MOMENTETDA 2023 – a defining moment for eBLs: BIMCO’s Grant Hunter highlights the role of the UK’s Electronic Trade Documents Act (ETDA) in accelerating eBL adoption in 2024, whilst also acting as a major catalyst for digital trade reforms in other countries (source: BIMCO). + READ MORE

FREIGHTWAVES DIGITAL PROCESS HISTORYLooking back to when digital processes started taking hold in shipping: Stepping back to 1982 to when the shipping industry first began to handle paperwork electronically (source: Freightwaves via American Shipper archives). + READ MORE

CONTOUR COLLAPSE TFGContour collapses: What does this mean for digital trade finance?: Industry experts share views on the recent closure of Contour, the digital trade finance platform which announced it will cease operations after failing to secure funding from its shareholders (source: TFG). + READ MORE

ICC DSI DOCUMENTSKey Trade Documents and Data Elements: ICC Digital Standards Initiative (DSI) releases 2nd report analyzing key trade documents & data elements, covering 14 document-types, as part of its ongoing standards analysis & recommendations (source: ICC DSI). + READ MORE

PRE ARRIVAL PROCESSINGVideo: Pre-Arrival Processing: Showcasing implementations of digital Pre-Arrival Processing (PAP) for faster customs clearance, as part of countries’ wider efforts to implement PAP measures under the WTO TFA (source: German Alliance for Trade Facilitation via Youtube). + READ MORE

OECD KEY ISSUESKey issues in Digital Trade: OECD report sheds light on the key issues in digital trade, pointing out the increasing restrictiveness of data localisation measures and the need to bridge digital fragmentation through global cooperation (source: OECD). + READ MORE

COST NOT DOING EBLThe cost of NOT doing eBL (and other digital documents): Andre Simha, Chief Digital and Innovation Officer, MSC, weighs in on the high cost and major inefficiencies of not embracing eBLs and other digital documents in shipping (source: Andre Simha via Linkedin). + READ MORE

ICE Digital Trade News

ICE CARGODOCS IG APPROVALICE Digital Trade announces IG P&I Approval for Local Law eBL Solution: With this approval, ICE Digital Trade supports eBLs governed by the law of any country enacting MLETR or equivalent law – providing the industry’s first scalable MLETR-enabled eB/ solution. + READ MORE

HANWHA THUMBHanwha Solutions completes first ICE CargoDocs eBL transactions for exports out of South Korea: Recently completing a series of eBL transactions marking the first ever use of ICE CargoDocs eBLs for South Korean exports. + READ MORE

BAFFINLAND THUMBBaffinland goes live with ICE CargoDocs eBLs: Having started its transition to digital trade by using ICE CargoDocs to digitally manage paper BL & LOIs, now extending to eBLs for iron ore shipments to Europe. + READ MORE

Robindale thumbRobindale goes live with ICE CargoDocs eBLs: US-based company recently went live with eBLs, completing its first transaction for coal export from Baltimore, U.S., to a major European steel producer. + READ MORE

ICE Digital Trade in Numbers

Paperless Insights Q4 2023 Metrics


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