International trade is an engine of growth that creates better jobs, reduces poverty, and increases economic opportunity.
With greater global trade volumes, countries can continue to expand their markets and access goods and services that otherwise may not have been available domestically. As a result of international trade, markets are more competitive, and this ultimately results in more competitive pricing and brings a cheaper product home to the consumer.
The COVID-19 pandemic has created a major disruption to the global supply chain and slowed down the flow of international trade tremendously.
Learning from this pandemic, digitalisation, especially in global trade and supply chain, will take centre stage in the inevitable coming of business transformations. Governments and private sectors are gearing up for digital platforms, adopting them not only as a means, but the heart of future trade facilitation.
“Trade is central to ending global poverty. Countries that are open to international trade tend to grow faster, innovate, improve productivity and provide higher income and more opportunities to their people. Open trade also benefits lower-income households by offering consumers more affordable goods and services. Integrating with the world economy through trade and global value chains helps drive economic growth and reduce poverty—locally and globally. ”
“Estimates show that the full implementation of the TFA could reduce trade costs by an average of 14.3% and boost global trade by up to $1 trillion per year, with the biggest gains in the poorest countries.”
Digital transformation has reduced the costs of engaging in international trade, facilitating the co-ordination of global value chains (GVCs), and connecting a greater number of businesses and consumers globally.
This means companies can now bring new products and services to a larger number of digitally-connected customers across the globe, and smaller businesses can leverage new and innovative digital tools to overcome barriers to growth – including digital platforms that facilitate payments and enable collaboration, lowering investment in fixed assets through the use of cloud-based services, and alternative funding mechanisms.
A National Single Window system designed to work hand-in-hand with existing customs systems to provide a full featured National Single Window to the community and various other government agencies, keeping the current functionalities of the existing customs systems, so that traders and customs will be familiar with it.
The Single Customs Territory has been implemented to facilitate faster clearance and improvement in cargo movement along the two corridors (Northern and Central) and the now Standard Gauge Railway line.
Cambodia’s port electronic data interchange system (Port EDI) digitalises shipping processes, facilitating the import and export operations of Cambodia ports. By optimising information flow between stakeholders, Port EDI ensures transparency and enables stakeholders to manage their inland shipping services effectively.
An electronic CO solution designed to make issuance of COs simpler for exporters, chambers, and other CO users.
Built on blockchain, the solution offers an easy and secure way to apply, issue and authenticate certificates, and prevent the reproduction and modification of data while ensuring a low implementation cost.
A Single Electronic Window POC to effectively reduce cross-border risks and costs.
A project implemented in partnership with the World Bank to monitor the “Ease of Doing Business” ranking for Djibouti during the implementation of the project.
A harmonised electronic system for the control of the movement of goods in transit through CAREC Member States, designed to remove regional transit impediments.