Digitization: A must for international trade
Published 30 July 2024
Regulatory reforms are transforming digitized trade from a "nice to have" into a "must have," according to Daniel Giles, Senior Manager of International Public Policy at GS1.
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As the European Union and the United States tighten trade regulations, adopting digital technologies will become an imperative for businesses to ensure easier and greater compliance with the new requirements. These technologies enable quick and transparent data exchange across export markets, facilitate e-invoicing to better manage export controls and sanctions, and help reduce corruption and fraud. In addition to enhancing security and transparency in supply chains, digitization can also promote more sustainable trade. Replacing traditional labels with QR codes can eliminate 343,000 metric tons of carbon emissions annually, making the process both cost-effective and sustainable, highlights Daniel Giles.
About the NPF International Trade Fellowship 2024
The National Press Foundation holds an annual International Trade Fellowship workshop for journalists, sponsored by the Hinrich Foundation. This year, the Foundations welcomed 25 Asia-based journalists at the Hinrich Foundation’s office in Singapore. The sessions, held in June, focused on the impact of US presidential elections on trade, digitization of trade, Asia’s evolving role in global trade, and more.
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