WTO and WCO Launch Publication on Trade Facilitating Technologies
The World Trade Organization (WTO) and the World Customs Organization (WCO) have released a publication to educate readers on how technology can aid in the customs process while improving global trade. Come read our blog to learn more.
On March 29th, the World Trade Organization (WTO) and the World Customs Organization (WCO) launched a publication centered on how technology can help the customs process and improve the efficiency of international trade.
Embedding Technology in Legacy Customs Processes
The publication, "The Role of Advanced Technologies in Cross-Border Trade: A Customs Perspective," was presented during a webinar to provide insights into how advanced technologies can assist customs administrations in facilitating the flow of goods across borders. It summarizes the current state of affairs and sheds light on the opportunities and challenges that customs face when implementing these technologies. Moreover, it outlines the key findings of WCO’s 2021 Annual Consolidated Survey and its results on customs’ use of advanced technologies such as blockchain, the Internet of Things (IoT), data analytics, and Artificial Intelligence (AI) to facilitate trade and enhance safety, security, and fair revenue collection.
The joint publication also highlights the benefits that can result from the adoption of these advanced technologies, such as enhanced transparency of procedures, sharing of information amongst all relevant stakeholders in real time, better risk management, and improved data quality, leading to greater efficiency in customs processes and procedures.
In her opening remarks, WTO Deputy Director-General Anabel González noted, “advanced technologies offer customs an opportunity to take a big leap forward on trade facilitation. Take blockchain. Its widespread application could help us make trade both more transparent and less paper intensive. That would reduce trade costs, which is good news for everyone, especially small businesses, which are disproportionately affected by red tape at the border.”
The webinar presented the main findings from the WCO/WTO paper and featured presentations by Brazil, Nigeria, Singapore, and the Inter-American Development Bank. For a greater uptake of these technologies, the speakers underlined the importance of continuous sensitization of customs and other stakeholders, the need for interoperability and implementation of international standards, the relevance of engaging in dialogues at an international level, as well as having a strategy and space for innovation and testing at a national level.
The full publication can be downloaded here.
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