On 28 November 2023, ICC UK released an excellent paper entitled "Unleashing the potential of trade digitalisation".
As highlighted in the Executive Summary, the report reveals tangible evidence of
the commercial advantages stemming from digital paperless trade transactions available today.
The paper highlights that digitalising trade transactions is the first step to transitioning away from paper to a data driven trading system which enables companies to bear down on trade costs and access cheaper finance.
ICC's goal is to digitalise 60-80% of world trade by 2026 and establish a fully interoperable legal, rules and standards environment. As they state, the tools are there to enable that transformation - legislation, standards, treaties and technology - what has been lacking up to now is a clear statement of the business case for digital adoption.
In 2021/22, ICC United Kingdom and The Commonwealth published the benefits of digitalising trade transactions across 60 economies, large and small. The evidence was striking in terms of scale and benefit:
The report goes on to outline the legal environment, business benefits, and implementation lessons.
A number of important and interesting case studies for the future of digitalised trade finance round off the report.
We strongly recommend that you download the report, link below: