ICC DSI Future Trade Forum unveils Global Trade Modernization Index

Asia Global Institute, Milken Institute and the ICC Digital Standards Initiative join forces to highlight building blocks for national success in digital trade

The Asia Global Institute, Milken Institute and the Digital Standards Initiative launched the Global Trade Modernization Index (GTMI), which assessed economies’ readiness for digital trade across the public and private sectors, as well as labour force capability. The Index aims to improve awareness among policymakers, investors, and businesses about what it takes to create advantage through digital trade and to promote its rapid and equitable adoption.

The alpha version of the GTMI features 64 economies from every region of the world spanning all levels of economic development and trade intensity. The index is comprised of 27 indicators divided into five categories that convey unique dimensions of digital trade readiness: (1) Paperless Trade, (2) Trade Openness, (3) Regulatory Environment, (4) Business Readiness, and (5) Human Capital. Weights assigned to each pillar reflect their significance to trade digitalization.

The alpha version of the GTMI aims to generate feedback and constructive criticism for the development of the inaugural edition of the GTMI based on a wider set of indicators and proprietary datasets in summer 2023.

The GTMI has benefited from the advice of a four-person panel of advisers: Dr Yann Duval: Chief, Trade Policy and Facilitation, UN ESCAP; Eunice Huang: Head of Asia-Pacific Trade and Competitiveness Policy, Google; Dr Christian Volpe: Principal Economist, Integration and Trade Sector, Inter-American Development Bank; and Jeffrey Weiss: Partner, Steptoe & Johnson LLP.

“Global trade has been the key development engine for Asia and much of the emerging world, and today, trade is all about going digital. We are keen to highlight what countries can do to maximize their advantage,” said Professor Heiwai Tang, Director of the Hong Kong based Asia Global Institute.

Kevin Klowden, Chief Global Strategist of the Milken Institute, added, “There is a clear connection between an enabling policy environment and national competitiveness in global trade. We look forward to helping policymakers and business leaders see the connection and make the right choices for growth.”

Pamela Mar, Managing Director of the ICC Digital Standards Initiative added, “Digital trade is a key driver of growth, inclusion and sustainability. We hope the GTMI, together with digital standards and technologies to generate trust, will hasten the digitalization of supply chains and trade overall.”

Access to the GTMI on the Asia Global Institute’s website: https://bit.ly/3KcuwnD

Asia Global Institute

Asia Global Institute is a multidisciplinary think tank co-established by The University of Hong Kong and the Fung Global Institute. The Institute’s mission is to generate and disseminate research and ideas on global issues from Asian perspectives. It aims to inform global policy and actions towards a prosperous and sustainable future for all.

ICC Digital Standards Initiative

Hosted by the International Chamber of Commerce (ICC), the Digital Standards Initiative is committed to promoting policy coherence and harmonizing digital trading standards for the benefit of businesses, governments, and people everywhere. Working with established standard-setting bodies and international organizations, the ICC Digital Standards Initiative will drive greater adoption of existing standards and create new frameworks to unify digital trade processes.

Milken Institute

The Milken Institute is a nonprofit, nonpartisan think tank focused on accelerating measurable progress on the path to a meaningful life. With a focus on financial, physical, mental, and environmental health, we bring together the best ideas and innovative resourcing to develop blueprints for tackling some of our most critical global issues through the lens of what’s pressing now and what’s coming next.

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