Global Trade Is Still In The “Hands Of Papers”  

As per report by United Nations Conference on Trade and Development, the realm of global trade continue to depend on “paper”, despite all the glass roof breaking technological advances. This pushes a pertinent “threat” to the easy transition of the economies on global level.

Report says the global trade is expected to reach a whopping point of $32 trillion at the close of this year, but still age old system that utilise nearly 4 billion paper pieces. This arrangement is said to be highly vulnerable to fraudulent activities.

The report from United Nations Conference on Trade and Development, showed that the merchandise goods trade has reached $25 trillion and trade in the world of services has reached $7 trillion. Global trade has seen a significant growth in the year 2021, by the massive contribution from the trading of energy products. Though the UNCTAD warned about the dip in the growth in 2022 due to the blend of higher goods price and lower economic growth, the trade continued to escalate through out the year.

In a recent development, UK is trying to bring some changes to the table regarding the trades in “paper”. By the “Electronic Trade Documents Act of 2023”, that UK has passed on September 20, it is expected to bring significant changes in the realm of international trade. UK would become first country to take a step forward in “rescuing” the global trade from the “hands of papers”. In US, despite being the “super power”, the global trade, due to the absence of federal legislation, going “paperless” is not so easy.

Though a significant change on global level from a law from mere a country may not look possible, the law sounds a perfect example of “one step at a time”. With inputs from technology giants and governments, the chances of global trade to walk out from the “paper grips” are expected to be possible.

With inputs from agencies.