Trade Digitalisation Notching Major Early Progress - ICC UK
(29 November 2023 - United Kingdom) Tangible commercial advantages attributed to newly digitised trade and supply chain finance transactions include an 80 percent reduction in border waiting times, an 18 percent decrease in shipping costs and extensive cost savings according to the International Chamber of Commerce (ICC) United Kingdom (UK).
In the ICC's new report Seizing the moment: Unleashing the potential of trade digitalisation reported by GTR, both large and small enterprises in multiple industry sector verticals are already applying digitalisation to boost profits, cut costs and speed up trade finance transactions. All just two months after the UK passed the Electronic Trade Documents Act (ETDA) allowing electronic documents to be used in trade.
To accelerate progress on bringing trade into the digital age, ICC UK is advocating widely for more firms to join its corporate digitalisation taskforce, launched in September. Taskforce members include some of the largest and most successful UK brands such as Birds Eye, Diageo, Glencore, GSK, BT and Rio Tinto.
Newly released East & Partners and T3i research accurately defines the scale and scope of digital trade and technology solutions based on direct interviews with the top 100 revenue ranked corporates in each of eight markets (N = 747). CFOs declare that they are looking to use digital advancements to reduce costs rather than enhance their balance sheet with technology innovations designed to improve process efficiencies outweighing working capital priorities in terms of need.
“We believe the time is now for a much-needed overhaul of the way we trade. It is time to remove paper and antiquated processes once and for all and use far more effective ways of operating using technology. This report begins to set out the scale of the opportunity on offer" stated ICC UK Secretary General, Chris Southworth.