This is an ICC United Kingdom-led, global initiative, established as a partnership led by industry and supported by government to accelerate the digitalisation of trade and create a digital trade system that is paperless, sustainable and secure, whilst removing policy barriers and piloting practical solutions to help drive innovation, technology solutions and standards adoption at scale across the whole trading system.
As highlighted by the C4DTI, the trading system suffers from fragmented, unconnected platforms and systems and a lack of common digital standards and laws requiring modernisation and alignment. The system is unnecessarily costly, complex and slow and reduces access to SME trade finance. Currently, there is no mechanism to join up initiatives, accelerate and scale solutions, or implement the ICC Digital Standards Initiative framework. Without a coordinating mechanism, initiatives will continue to be fragmented, outcomes patchy and adoption of standards and tech solutions slow.
The C4DTI has recently released a paper which explains how the ICC Uniform Rules for Digital Trade Transactions (URDTT) are compatible with the proposed UK Electronic Trade Documents Bill.
David Meynell had been appointed as Digital Rules Advisor to the C4DTI, and we will continue to keep you updated on initiatives.
More information can be found at https://iccwbo.uk/pages/centre-for-digital-trade-innovation