Trade digitalisation is the improvement or enabling of processes through leveraging digital technologies and digitised data. In the context of international trade, this involves the digitalisation of trade-related information flows. Digitalisation will enable the exchange of trade-related data, documents, and electronic authorisations between parties in the supply chain.
Trade digitalisation is attracting greater policy attention as a means to reduce transaction costs, boost trade, lower prices and yield economic growth. The UK government has recognised this potential with important policy initiatives under the umbrella of its 2025 Border Strategy. These include the Electronic Trade Documents Bill and the development of a Single Trade Window, along with commitments negotiated in FTAs and Digital Trade Agreements supporting the development of digital trading systems with trade partners.
Source: The London School of Economics and Political Science