Past blogs have outlined the work of the ICC Digitalisation Working Group, within which is a workstream aimed at accelerating digital adoption. This co-exists with the separate workstream on ICC Digital Rules & Practices, whilst concentrating on key issues within the wider world of digital trade.
The key objective of this workstream is to develop guidance for digital advocacy. A digital roadmap has been published and provides a framework to articulate concrete policy changes required to promote the global digital agenda. The roadmap is in constant evolvement and has been handed over to the ICC Secretariat for integration into a pan ICC industry transformation strategy.
Past achievements have included a publication outlining rapid response measures by trade finance banks to keep trade finance and trade flowing in the face of COVID-19, and a paper providing progress on Trade Digitalisation in 2021.
The work of this group includes lobbying governments to align to MLETR (UNCITRAL Model Law on Electronic Transferrable Records). This has, for example, led to the G7 host [UK] adopting this as a G7 priority and seeking a commitment from G7 counterparts.
The UK business case for MLETR alignment, commissioned by ICC United Kingdom, is to be published in April 2021 and promoted in May 2021 as a tool for other countries.
Work also continues on accelerating the adoption of legal frameworks in order to enable digital trade. A report on the legal status of electronic bills of lading has already been published, and assistance is continually being made available to the UK Law Commission in drafting new laws on electronic documents. Such work can be leveraged globally.
The first draft of a paper which provides guidelines which parties in the trade finance digital ecosystem can use to connect with each other digitally has been completed and publication is expected shortly.
As a final piece of work, work is ongoing for the development of a catalogue of Trade Finance APIs that can be leveraged in the industry.