On 12 April, the World Trade Organization (WTO) and the World Economic Forum (WEF) formally launched their latest joint publication “The Promise of TradeTech: Policy approaches to harness trade digitalization”. The report centres around the 5 building blocks or 5 Gs of Tradetech:
1. Global data transmission and liability frameworks.
2. Global legal recognition of electronic transactions and documents
3. Global digital identity of persons and objects
4. Global interoperability of data models for trade documents and platforms
5. Global trade rules access and computational law
In addition to discussing these core building blocks, the report highlights many of the prominent organisations and projects working in the Tradetech space, including the ICC Digital Standards Initiative.
The publication also urges international regulatory cooperation to ensure policy coherence and avoid fragmentation as well as strengthening public-private partnerships.
The report can be accessed:
https://www.wto.org/english/res_e/booksp_e/tradtechpolicyharddigit0422_e.pdf
