Karachi, Irfan Iqbal Sheikh, President of the Federation of Pakistan Chambers of Commerce &amp;amp; Industry (FPCCI), emphasized the crucial need for transparency, security, and monitoring in global trade during his keynote speech at the International Centre for Trade Transparency &amp;amp; Monitoring (ICTTM). Sheikh highlighted the positive impact these elements have on boosting confidence among trading nations and enhancing bilateral, regional, and multilateral trade relationships.
According to the Federation of Pakistan Chambers of Commerce &amp;amp; Industry, Sheikh advocated for Pakistan's adoption of the Advanced Data Analytics &amp;amp; Modeling for Foreign Trade Data (ADAMftd), an initiative by ICTTM. He believes this platform could revolutionize the understanding of historical and real-time trade data, thereby influencing global trading patterns. ADAMftd aims to ensure increased transparency, security, and efficiency in international trade operations.
The partnership between Pakistan's apex trade body, FPCCI, and ICTTM was solidified through a Memorandum of Understanding (MoU). This agreement marks a significant step towards a shared commitment to enhancing transparency and compliance in international trade. Sheikh emphasized the importance of customs and trade procedures in international trade, noting that fundamental mechanisms for trade facilitation include transparency, predictability, and consistency in procedures, formalities, rules, and legal frameworks concerning exports and imports.
Sheikh also addressed the role of improved worldwide coordination and cooperation in reducing transaction costs, which would foster the growth of global transactions. He underscored the importance of reliable and authentic data as key factors influencing cross-border trade.
Advancements in technology have significantly automated global supply chains, Sheikh. He stressed the potential of using the latest technologies to facilitate cross-border trade, outweighing the costs. These advancements have been explored by international organizations, governments, the private sector, academia, and stakeholders, most notably by ICTTM.
In conclusion, Sheikh highlighted the complexity of cross-border trade processes and the necessity of modern technology. He argued that innovation is essential to simplify these processes, making international trade more efficient and continually evolving through new technological solutions.
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