Covering Regulations and Advances in Trade Digitization
Daniel Giles of GS1 explains why the digitization of international trade should be the end goal.
by Madeleine Sherer, National Press Foundation
When it comes to international trade, the adoption of global standards helps everyone.
Daniel Giles, senior manager of international policy for GS1, the nonprofit that created the digital barcode, told NPF International Trade fellows the digitization of trade allows for more transparent product information, more efficient transportation and safer supply chains.
“When you are covering issues to do with international trade, understanding the way that digital transformation can be a positive could be very beneficial,” Giles said.
One example: lowering costs and carbon emissions. Physical product labels generate 9.2 million kilometers of label tape annually. The introduction of QR codes is not only more cost-effective, it could also eliminate 343,000 metric tons of carbon emissions each year.
Digitization can also combat corruption and fraud. E-invoices act as much stronger deterrents against corruption compared to paper invoices. It can also help manage export control and trade sanctions, since the digitization of supply chains makes them easier to track.
Giles said that regulatory reforms are turning digitized trade from something that’s “nice to have” into a “must have.” Legislative efforts in both the European Union and the U.S. are attempting to crack down on trade regulations making digitization the best available option.
“It’s much easier to electronically exchange data to meet these requirements than it would be for physical labels or paper-based processes in cross-border trade,” Giles said. “If you want to be able to get into some of these export markets, you will need to be able to provide this information to regulators sooner or later, but it’s coming.”
This doesn’t mean that organizations like GS1 should hold all the cards.
“One of the points here is that I think all of us should want to avoid, and at GS1 we certainly do, is creating kind of siloed situations where there are certain registries that hold information that you need to update many, many different registries to have access to different markets. The whole point about the digital standards mean that you can interact with lots of different registries through the label and through the internet,” Giles said.
Overall, Giles said that the technology is ready and waiting, it’s just a matter of implementation.
“There’s not much that needs inventing. It’s about coming together and collaborating and then educating people across the value chain… and helping them drive adoption,” Giles said.
Speaker: Daniel Giles, International Public Policy, Asia-Pacific, GS1
Transcript, summary and resources: nationalpress....
This fellowship is part of an ongoing program of journalism training and awards for trade coverage sponsored by the Hinrich Foundation.
This video was produced within the Evelyn Y. Davis studios. NPF is solely responsible for the content.
3 окт 2024
