ROLE OF ADVANCED TECHNOLOGIES IN TRADE FACILITATION
On 29 March, the WTO and WCO launched their joint publication titled ‘The role of advanced technologies in cross-border trade: A customs perspective’, which provides the current state of play and sheds light on the opportunities and challenges Customs face when deploying these technologies.
The publication 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, data analytics and artificial intelligence to facilitate trade and enhance safety, security and fair revenue collection.
The joint publication 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.