Banking & finance

ICC welcomes new Centre for Digital Trade and Innovation

  • 8 April 2022
technology, data, digital

ICC has welcomed the launch of a new Centre for Digital Trade and Innovation by ICC United Kingdom, in response to the government’s ambition for the UK to have an open trading system with the rest of the world.

In 2020, ICC launched the Digital Standards Initiative (DSI) in partnership with the Asian Development Bank and the Government of Singapore, to establish a globally harmonised, digitalised trade environment, in line with goals to foster inclusion and opportunity for those involved in international supply chains. In 2021, the World Trade Organization and World Customs Organization joined the DSI Governance Board as observers to help shape the strategic engagements with governments and policy makers globally.

Commenting on the launch of ICC UK’s Centre for Digital Trade and Innovation (C4DTI), ICC Secretary General John W.H. Denton AO said: “Eighteen months since the ICC Digital Standards Initiative became operational, I am happy to see that the initiative has sparked a new wave of collaboration and innovation across the board. The FIT Alliance announced two months ago is an example of our deeply collaborative approach. I am pleased to see the formation of the UK Centre for Digital Trade and Innovation and proud to be a Global Knowledge Partner of the C4DTI to support the digital transformation of global trade through the promotion of internationally recognised standards.”

Hannah Nguyen, DSI Director – Digital Ecosystems said: “The formation of the UK Centre for Digital Trade and Innovation has the potential to rapidly accelerate the adoption of coherent standards in systems and processes on both the business and government side. Such efforts are important in bringing more stakeholders onboard the adoption journey and shining a spotlight on the practical implementation phase at local and regional level once international standards have been identified.”

DSI and the WTO recently published the first-ever Standards Toolkit for Cross-border Paperless Trade to help companies and government agencies adopt available standards to accelerate the digitalisation of trade processes. The toolkit has been widely applauded for its accessibility and plans are underway to translate this go-to guide into several languages to amplify its global impact.