Trade Facilitation Prospects with Digitalization

Abstract

Due to the development of new technologies and approaches to foreign trade it becomes necessary to constantly change the mechanism of informational interaction between trade participants and state regulatory bodies in terms of facilitating trade on mutually beneficial conditions and in a cost-effective manner. Rapid development of information technologies applied in various segments of cross-border movement of goods has significant potential to optimize informational support for single submission and multiple use of the data currently accumulated by various participants of foreign trade and government agencies. This will both facilitate trade and improve the quality of state control, through the transition from control of individual documents and information for discrete operations to integrated “end-to-end” control of the interactions of all trade participants, including importers, exporters and other economic entities ensuring the cross-border movement of goods.