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Executives

Through the Digital Standards Initiative, companies can focus their limited capacity and capabilities on contributing to the development and adoption of cross-sectoral standards with the sufficient regulatory support to enhance the effectiveness of digitalisation efforts across the trade ecosystem.

 
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Rulebook Harmonisation

The global regulatory landscape is still not compatible with the needs for importers and exporters working with title documents within their trade processes. Platforms use private law contracts to define the mode of operations for title document exchange. These private law contracts have definitions, terms and rules associated with digitising trade.

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The ICC Digital Standards Initiative is working with importers, exporters, banks and carriers to create a uniform rulebook that enables parties to exchange title documentation electronically.

 
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Electronic Warehouse Receipts  

Warehouse receipts provide proof of ownership for goods stored in either a warehouse, vault, or depository for safekeeping. Warehouse receipts may be negotiable or non-negotiable.

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There is no electronic warehouse receipt standard that enables importers, exporters, banks, fintechs and other industry participants to generate systems that talk the same language.

 
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Dry and Wet Bulk electronic bill of lading

As part of a major initiative to accelerate digitalisation in the shipping industry, the Baltic and International Maritime Council (BIMCO) has teamed up with the International Chamber of Commerce (ICC) and other key stakeholders to help define a standard for Dry and Wet Bulk bills of lading.

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The bill of lading is a foundational document in international trade, and a unifying standard is required to remove friction between the systems. 

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Digital trade attestations

The OriginBX Oasis Open Project establishes   standardized messaging  set for cross border tax and trade attestations.

 
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If you are involved in the global trade and tax compliance community and interested in shaping the future direction of this standard, we would  love to hear from you.