What trust is in these times?
The digital economy has created remarkable examples of information—both good and bad—being published and disseminated rapidly, enabling new social and economic activities. But we don’t have so many examples of balanced business benefits in the area of international trade.
One of the challenges with this is Trust. When businesses seek to develop or improve their international supply chains, their primary consideration is to be able to have trust in the complete trade system. They need to have trust in the security, reliability and authenticity of the processes and partners they’re dealing with. Fundamental to establishing this trust are standards.
Using standards creates certainty… and certainty enables trust.
For example, the changes to retail banking brought by digital technology have been made possible by an agreed framework of global standards. These standards create the trust required for the electronic exchange of financial information. So where is the equivalent framework for the standards required for the digital exchange of information for international trade? What happens to the information when a container moves, a barcode is swiped or a customs entry is submitted? How does this get exchanged on a global scale?
With its UN Centre for Trade Facilitation and Electronic Business, UNECE is working with member States, standards-development organizations and business to coordinate a framework of open standards that will create a secure, reliable and authenticated environment for international trade in the digital economy.
Read more about what UNECE does:
Opinions expressed in this section are those of the author(s) and do not necessarily reflect the official position of UNECE, of the bodies established under its international legal agreements/conventions, or of the secretariat.