Trading up: digital drags trade into the 21st century
The intersection between trade systems and the digital economy may not be obvious but it is vitally important.
As a significant financier of trade flows in the Asia-Pacific region, efficiency in the ‘wiring’ of trade is essential to ANZ’s presence in over 20 countries in the region.
"Improvement is about eliminating the use and delivery of paper-based documentation which in turn creates greater efficiency and ensures greater security
through the supply chain”
Much can be done to improve efficiency but a key priority is the need to focus on facilitating trade through digitising documentation - with emphasis on the cross-border elements of digital trade. Simply put, documents required at all stages of the supply chain should be prepared and transmitted electronically.
Paper has served us for centuries but it is not the best way to document trade.
Improvement is about eliminating the use and delivery of paper-based documentation which in turn creates greater efficiency and ensures greater security through the supply chain. Part of that efficiency comes from reducing the higher risk of error manual handling and paper documents introduce.
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