Digital Trade and ICC Initiatives

Going digital is a trend that has taken the world by storm in the last decade, and to ensure that the shipping industry stays on track, the International Chamber of Commerce or ICC has released some digital initiatives. These ICC Initiatives will be carried out across various industries in a collaborative effort with the end goal being to promote the standardization of digital trade.

There are several digital initiatives that the ICC has on the pipeline in order to further the digital economy.  These include the following;

  1. Digital Trade Standards Initiative (DSI)

The Digital Trade Standards Initiative was devised with the ICC Banking Commission in order to standardizes open technologies to facilitate inter-operability with existing blockchain and technological platform.

  1. TradeTrust

TradeTrust was launched by the ICC in collaboration with the Singaporean government and other major organizations from vital industries, which will utilize blockchain technology to further global digital trade.

  1. Digitalization in Trade Finance Working Group

ICC has put together the Digitization in Trade Finance Working Group, which collaborates with the ICC Banking Commission in relation to global digital trade as well as the IoT (Internet of Things), AI (Artificial Intelligence), and use of Blockchain.

  1. Perlin Partnerships

Perlin is a Singaporean based blockchain technology company, which partnered with ICC to come up with blockchain based innovations to revolutionize global digital trade. These include the likes of COP25, which is a collaboration with ICC, Perlin & AirCarbon to facilitate carbon credit schemes for worldwide aviation emission reductions. Other partnerships include the Chambers Climate Coalition, the ICC Centre of Future Trade, the International E-Registry of Ships (IERS), Perlin Clarify, and the IncoTerms rules and Smart Contacts.

  1. GIST Advisory Partnership

Two digital platforms for launched at the World Economic Forum with GIST and the World Wildlife Foundation to track environmental impact of business operations.

  1. eATA Carnet

ICC launched the first ever digital ATA carnet last year, The eATA Carnet, which is a customs document allowing for duty/tax-free good’s movement for a period of one year.

  1. WTO Digital Platforms

There are several digital platforms established with the World Trade Organization (WTO). These include the likes of the Global Dialogue on Trade and Trade Dialogues.