Saturday, 27 May 2023 03:50

World Trade Organization seeks to streamline online trade and electronic transactions

Written by Evelyn Alas

According to Maritime World, on may 16, Members of the World Trade Organization (WTO) met to exchange experiences and discuss the facilitation of digital trade and electronic transactions.

Within the framework of the Work Program on Electronic Commerce, a specific session was held in which countries shared their progress and successful practices, informed the entity through its web page.

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Different countries shared their experiences in implementing electronic "single window" systems for cross-border transactions.

This approach has accelerated clearance times, increased government revenues and improved the efficiency and transparency of customs procedures.

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The benefits of this initiative translate into greater agility and reduced compliance costs for businesses.

In addition, others highlighted the TradeTrust initiative, which connects governments and businesses through a public blockchain network. This platform enables the reliable exchange of electronic trade documents. Thanks to this, difficulties in transactions are avoided and the costs associated with paper-based commerce are reduced.

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The United Kingdom presented its progress in the digitization of trade. They highlighted the importance of addressing the legal, technical and commercial barriers that hinder the virtualization of physical processes. Through the use of new technologies, the aim is to simplify and streamline commercial operations, thus facilitating the growth of small businesses.


Translated by: A.M