Karachi: Members of FPCCI said that it is important to establish transparency, security and monitoring mechanisms in global trade. It creates confidence among trading nations and, ultimately enhances bilateral, regional and multilateral trade.

Addressing session of International Centre for Trade Transparency and Monitoring (ICTTM) as key speaker President Irfan Iqbal Sheikh pointed out that Pakistan needs to adopt Advanced Data Analytics and Modeling for Foreign Trade Data which is an ICTTM initiative-in particular these have scope to revolutionize and influence both historical and real-time trade data to decode world-wide trading patterns.

ADAMftd platform will ensure transparency, security and efficiency in international trade operations, he added. He said that international trade is heavily concerned with Customs and trade procedures and fundamental mechanisms for facilitating trade for transparency, predictability and consistency vis-à-vis procedures, formalities, rules and legal frameworks on exports and imports.

He stressed that advanced technologies have already automated global supply chains significantly. Scope and potential for using latest technologies to facilitate cross-border trade is far greater than costs; and have been explored by international organizations, governments, private-sector, academia and other stakeholders-most importantly ICTTM. He highlighted that cross-border trade is complex process that requires modern technology and without innovation, we would find process even more complicated. Technology, however, has kept us moving forward and pushed us to invent new ways to expand shipping and made international trade markedly more efficient, he added.

Published in The Daily National Courier, November, 21 2023

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.