Emerging technologies and digitalisation, including the use of open global standards for identification and sharing information, will accelerate the speed of trade improvements like never before. A new report by The World Trade Organization and the World Economic Forum calls on policymakers and industry to make the most of technology and digitalisation to improve trade, accelerate economic recovery and ease supply chain bottlenecks around the world.

TradeTech is the set of technologies that facilitates global trade and makes it more efficient, inclusive and sustainable. But to accelerate global adoption of TradeTech, argues the report, international policy coordination is needed.

The report, titled The promise of TradeTech: Policy approaches to harness trade digitalization, references GS1 standards and recognises the power of identification of products and locations to take trade exchanges to the next level. GS1’s Global Trade Item Number (GTIN), Global Product Classification (GPC) and Global Location Number (GLN) are recognised as identification and classification solutions.

A coordinated approach by regulators and industry can leverage existing technologies such as artificial intelligence (AI), blockchain, distributed ledged technology (DLT), and the internet of things (IoT) to shape trade into the future. Global open standards, such as those developed by GS1, claims the report, are critical for the smooth implementation of those technologies.

“We are thrilled to see the World Trade Organization and the World Economic Forum acknowledging the power of global open standards to take trade modernisation to the next level. As a neutral standards organisation, we are committed to working with industry and regulators so that all trading parties regardless of sector can share accurate information seamlessly for more efficient, inclusive, and sustainable global trade”, said Miguel Lopera, President and CEO of GS1.

This new report follows another recent publication by The International Chamber of Commerce (ICC) and the World Trade Organization with practical recommendations to align and accelerate the application of standards for international trade. GS1 is working closely with key international organisations to accelerate the adoption of global data standards.

Access here the World Trade Organization and the World Economic Forum report and here the press release with GS1 contact information.