World Trade Organization (WTO) members convened on 16 May to delve into the intricacies of facilitating digital trade and electronic transactions. Their experiences and innovative solutions were shared in a dedicated session as part of the Work Programme on Electronic Commerce.
Singapore took the stage to expound on its experience with the TradeTrust framework. This initiative leverages public blockchain to enable secure exchange of electronic trade documents across various digital platforms. By capitalizing on digitalization, TradeTrust circumvents transactional difficulties and slashes costs linked to paper-based trade across international borders.
The United Kingdom, in its presentation, underscored the importance of digital technologies in enhancing trade processes. The focus was on making trade transactions faster and more accessible, especially for small businesses. To expedite trade digitalization, the UK emphasized the need to confront and surmount legal, technical, and commercial barriers that impede the transition from paper-based to digital processes.
Brazil’s contribution to the discourse centred on its implementation of electronic “single window” systems for cross-border transactions. Touted benefits of this system included swift clearance times, augmented government revenue, lower compliance costs, and enhanced transparency and efficiency of customs procedures.
Further enriching the dialogue, several members revealed their practices in free trade agreements, with specific focus on areas like paperless trading, e-payments, e-contracts, e-signatures, e-invoicing, and electronic transaction frameworks. Attention was drawn to specific hurdles impeding digital trade facilitation.
The facilitator of the Work Programme on Electronic Commerce and the e-commerce moratorium, Ambassador Usha Dwarka-Canabady of Mauritius, lauded the members for sharing their national practices. She underscored the diverse geographical spectrum represented in the session, heralding a new era of global digital trade collaboration.
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