How Asia-Pacific Economies are Championing Digital Trade

Efforts to digitalise global trade are ongoing as major players look to lower prices, reduce the cost of transactions and unlock economic growth.
This includes in the crucial Asia-Pacific (APAC) region, where leaders and trade ministers belonging to the Asia-Pacific Economic Cooperation (APEC) recently reaffirmed their commitment to advancing trade digitalisation.
Representatives from economies accounting for more than 60% of global trade issued a series of declarations, including a notable focus on promoting electronic trade-related documents, especially the electronic bill of lading (eBL).
This initiative has the potential to save billions, boost trade efficiency and contribute to sustainability in global supply chains.
Unlocking savings and efficiency
Research carried out by McKinsey shows that replacing traditional paper-based bills of lading (BLs) with electronic versions could save stakeholders approximately US$6.5bn in direct costs.
The shift could also drive an estimated US$30-40bn in annual global trade growth, streamline customer interactions and significantly enhance sustainability efforts.
The 'Machu Picchu Declaration' issued at the aforementioned summit marks a significant step towards realising these benefits for international trade.
Leah Liston, from the United States Trade Representative, highlighted the move's importance: "APEC’s focus this year on the eBL, and the underlying laws and technology needed to operationalise them, showed great promise.
"Digitalisation of trade documents and procedures is the next step in trade facilitation for sustainable and inclusive growth."
Industry backs eBL transformation
The container shipping industry has been a key proponent of eBL adoption.
Members of the Digital Container Shipping Association (DCSA), representing 75% of global containerised trade, have committed to achieving 100% eBL usage. Additionally, the FIT Alliance, which includes BIMCO, DCSA, FIATA, ICC and Swift, launched an eBL declaration supported by various cargo owners, financial institutions, freight forwarders and IT providers.
Despite the evident advantages, challenges remain. Regulatory barriers and government procedures often hinder the adoption of eBL systems. In 2024, the DCSA published a report identifying legal and regulatory obstacles to achieving universal eBL implementation. The findings were shared with APEC leaders to explore solutions.
Thomas Bagge, CEO at the DCSA, underscores the significance of these efforts: “It is great that in times of geopolitical challenges, global leaders agree that cooperation to achieve digitalisation and standardisation of trade is the way forward.
"At DCSA we are proud and honoured to be able to contribute to this great milestone in trade digitalisation and remain equally committed to achieving 100% eBL by collaboration with all stakeholders of global supply chains."
A regional push for digitalisation
The APEC leaders’ commitment also includes enhancing supply chain connectivity, with a focus on transparency, efficiency and reliability through digitalising trade processes.
Peru, as the summit host and a key advocate, played a central role in prioritising eBL adoption at a political level.
Teresa Mera Gomez, Peru's Vice Minister of Foreign Trade, elaborates on her country’s efforts: “Peru's foreign trade policy strategically focuses on enhancing physical and technological infrastructure to facilitate trade, with a particular emphasis on promoting paperless trade through the digitalisation of key foreign trade documents, such as the electronic Bill of Lading (eBL).
"The adoption of advanced technologies and the integration of electronic records are crucial for optimising the efficiency and resilience of global supply chains.”
Peru’s commitment, reflected in the Joint Ministerial Statements and Leaders' Declarations, emphasises collaboration with organisations such as the DCSA and FIT Alliance to establish global standards and accelerate eBL adoption.
The path ahead
As a follow-up to the Machu Picchu Declaration, APEC economies are bidding to align their legal frameworks with the UNCITRAL Model Law on Electronic Transferable Records (MLETR).
This will involve improving trade facilitation through digitalisation, automation and adherence to international standards, while enhancing cooperation among border agencies.
By embedding digitalisation into national and regional agendas, APEC leaders intend to modernise international trade systems and foster stronger connectivity within the global supply chain.
As Leah aptly notes: "The progress made shows that APEC is taking on the challenge and our traders are benefitting from it."
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