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    Digital Trade Roadmap: Digital Trade in Financial Services A Communication Tool For Policy Makers

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    Bharathi Raju
    This document outlines a roadmap for digital trade in financial services with the goal of increasing digitization and reducing barriers. It identifies key stakeholders - governments, industry, trade bodies - and provides recommendations for each on steps to take over the near and long term. These include updating laws to enable electronic documentation, reducing bureaucracy, developing standards, and fulfilling international trade obligations. The annex provides an example country overview for monitoring individual progress. The overall aim is to automate processes, increase access to finance, and establish a revised digital legal framework to support seamless cross-border trade.

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    Digital Trade Roadmap: Digital Trade in Financial Services A Communication Tool For Policy Makers

    Uploaded by

    Bharathi Raju
    11 views11 pages
    This document outlines a roadmap for digital trade in financial services with the goal of increasing digitization and reducing barriers. It identifies key stakeholders - governments, industry, trade bodies - and provides recommendations for each on steps to take over the near and long term. These include updating laws to enable electronic documentation, reducing bureaucracy, developing standards, and fulfilling international trade obligations. The annex provides an example country overview for monitoring individual progress. The overall aim is to automate processes, increase access to finance, and establish a revised digital legal framework to support seamless cross-border trade.

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    This document outlines a roadmap for digital trade in financial services with the goal of increasing digitization and reducing barriers. It identifies key stakeholders - governments, industry, trade bodies - and provides recommendations for each on steps to take over the near and long term. These include updating laws to enable electronic documentation, reducing bureaucracy, developing standards, and fulfilling international trade obligations. The annex provides an example country overview for monitoring individual progress. The overall aim is to automate processes, increase access to finance, and establish a revised digital legal framework to support seamless cross-border trade.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    11 views11 pages

    Digital Trade Roadmap: Digital Trade in Financial Services A Communication Tool For Policy Makers

    Uploaded by

    Bharathi Raju
    This document outlines a roadmap for digital trade in financial services with the goal of increasing digitization and reducing barriers. It identifies key stakeholders - governments, industry, trade bodies - and provides recommendations for each on steps to take over the near and long term. These include updating laws to enable electronic documentation, reducing bureaucracy, developing standards, and fulfilling international trade obligations. The annex provides an example country overview for monitoring individual progress. The overall aim is to automate processes, increase access to finance, and establish a revised digital legal framework to support seamless cross-border trade.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 11

    DIGITAL TRADE ROADMAP

    Digital Trade in Financial Services


    A Communication Tool for Policy Makers

    VERSION 1.0
    The Roadmap for Digital Trade
    in Financial Services

    WHY WHO WHAT


    do we need a roadmap? is the target audience? are we asking you to do?

    • Digitalisation of trade involves a • The primary target audience is • To understand the issues and
    complex set of stakeholders government officials the steps required to solve them

    • Collaboration between all • All stakeholders* are • To advocate national


    stakeholders* is indispensable: messengers governments about:

    o to automate trade • This roadmap provides o Specific legislative

    o to enable more inclusive guidance on whom to engage changes to pass

    access to finance with, whether government o Specific infrastructure to


    departments, NGOs, etc. establish
    • This roadmap provides
    concrete steps to help enable o Customs (and related)
    global digital trade processes to adopt

    *government, industry and key trade bodies such as ICC 1


    The Roadmap for Digital Trade in Financial Services

    TODAY NEXT FIVE YEARS FUTURE

    WE NEED TO:
    HEAVILY PAPER-
    BASED PROCESSES AUTOMATION
    Four billion documents DIGITISE THE FLOW OF Digital clearance, trading,
    circulating in the trade INFORMATION IN TRADE reporting, and KYC processes
    system

    LIMITED ACCESS TO INCREASED FINANCIAL


    FINANCE REDUCE THE COST OF INCLUSION
    US$1.5 trillion trade finance CAPITAL Cost of finance attainable to all
    gap persists stakeholders

    REVISED LEGAL
    OUTDATED LAWS UPDATE AND ALIGN
    FRAMEWORK
    Legal uncertainty regarding LAWS AND Use of data and electronic
    acceptance of digital trade REGULATIONS documentation only
    documentation (eDocs), etc.
    INTEROPERABILITY
    NO STANDARDS BETWEEN SYSTEMS
    Lack of standardized DEVELOP DIGITAL Seamless trade flows
    wording and/or formatting STANDARDS between different
    technology platforms
    2
    GOVERNMENT: 8 steps for unlocking national digital trade

    Update Legal Simplify Fulfill Trade


    Infrastructure Bureaucracy Obligations*

    1. Require digital export 4. Support the WTO ecommerce 7. Customs bureaucracy


    documentation agreement Fulfill WTO Trade Facilitation
    Require Certificates of Origin, Bills of Advocate for a high standard outcome Agreement (TFA) obligations
    Lading, Phytosanitary and other that promotes and enables digital trade
    Certificates to only be provided in 8. Food import safety
    electronic format 5. Work with regulators to reduce Fulfill UNFAO IPPC obligations
    capital allocation for trade finance
    2. Accept digital import Collaborate in building an evidence-
    documentation based regulatory regime
    Accept verifiable electronic documents
    (or data) across all government 6. Promote a national single
    departments globally window
    Particularly as a mechanism to
    3. Adopt electronic transferrable standardise documents for import and
    records export
    Adopt UNCITRAL model law on
    electronic transferable records
    * Specific to signatories of these agreements only 3
    INDUSTRY: 5 steps for unlocking national digital trade

    Participate in Pilot New


    Digital Solutions Technologies

    1. Documentation reform 4. Test pilots


    Accept digital rather than paper-based Test new technologies and solutions
    documents
    5. Deliver new solutions
    2. Internal system updates Provide solutions that are cheaper,
    Update internal systems to support faster, and more accessible for all
    digital documentation needed in the stakeholders
    cross-border processes

    3. System integration
    Integrate internal systems for digital
    documents with those used by
    customs and banks

    4
    ICC: 7 steps for unlocking national digital trade

    Increase
    Prepare Collaboration
    for New Develop Rules with Non-Bank
    Technologies & Standards Stakeholders

    1. Develop and maintain an 3. Modernise digital rules and 7. Establish a forum to allow for
    open set of smart industry standards for traditional trade industry input into ongoing
    contracts and automated rules finance rules discussions
    Including corporates, fintechs,
    2. Choose trade corridors and 4. Introduce new digital rules and shippers, insurers, alternative
    industries with which to standards for trade finance providers of trade finance, WCO,
    prioritise pilots WTO, UNCITRAL, regulators
    5. Establish a repository of best
    practices to promote
    paperless trade

    6. Build a global digital trade


    standards initiative

    5
    ANNEX
    Country overview

    1
    COUNTRY OVERVIEW

    Individual country progress reports are available for 12 key juristictions based on
    the defined steps to unlock national digital trade.

    The following countries are monitored on an ongoing basis:

    Brazil Russia

    China Singapore

    Germany South Africa

    India United Arab Emirates

    Netherlands United Kingdom

    Nigeria United States

    As an example, let’s take a closer look at Germany…

    7
    GOVERNMENT: 8 steps for unlocking national digital trade

    Update Legal Simplify Fulfill Trade


    Infrastructure Bureaucracy Obligations*

    1. Require digital export 4. Support the WTO 7. Customs bureaucracy


    documentation ecommerce agreement Fulfill WTO Trade Facilitation
    Require Certificates of Origin, Bills of Advocate for a high standard Agreement (TFA) obligations
    Lading, Phytosanitary and other outcome that promotes and
    Certificates in electronic format only enables digital trade 8. Food import safety
    Fulfill UNFAO IPPC Obligations
    2. Accept digital import 5. Work with regulators to
    documentation reduce capital allocation for
    Accept verifiable electronic trade finance
    documents (or data) across all By building an evidence-based
    Government Departments regulatory regime

    3. Electronic transferrable 6. Promote a national single


    records window
    Adopt UNCITRAL model law on Particularly as a mechanism to
    electronic transferable records standardize documents for IM Green: complete or well on track
    and EX Orange: in discussion or in progress
    Red: No progress or blocked
    * Specific to signatories of these agreements only 8
    INDUSTRY: 5 steps for unlocking national digital trade

    Participate in Pilot New


    Digital Solutions Technologies

    1. Documentation reform 4. Testing pilots


    Accept digital documents over Test new technologies and solutions
    paper-based ones
    5. Deliver new solutions
    2. Internal system updates Provide solutions that are cheaper,
    Update internal systems to support faster, and more accessible for all
    digital documentation needed in the stakeholders
    cross-border process

    3. System integration
    Integrate internal systems for digital
    documents with those used by
    customers and banks

    Green: complete or well on track


    Orange: in discussion or in progress
    Red: No progress or blocked
    9

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