Digitalization of global trade gets major push

The digitalization of global trade received another push this week, with the International Chamber of Commerce (ICC), the government of Singapore and industry participants signing an agreement to facilitate and accelerate the adoption of technologies in commerce at the World Economic Forum in Davos, Switzerland.

“Digital platforms will lower existing barriers to international trade in the coming years and enable many more businesses to participate in the new global economy,” John WH Denton AO, the secretary general of the ICC, said in a statement.
The global companies participating in the agreement are Asia Pacific Resources International Limited, DBS Bank, Marubeni Corp, Mastercard, Mitsubishi Corp, Mitsui & Co, Mizuho Bank, MUFG Bank, Noble, NTT Data, PSA International, Sompo Japan Nipponkoa, Standard Chartered Bank, Sumitomo Corp, Sumitomo Mitsui Banking Corp, Tokio Marine and Trafigura.

“This public-private partnership between global organizations will be a significant leap forward to shift international trade from a paper-based system to digitally...

Published

Deepali Sharma

January 23, 2020

08:40 GMT

Singapore