FPCCI chief for greater transparency, security in global trade

KARACHI: Irfan Iqbal Sheikh, President FPCCI, has said that it is very important to establish transparency, security and monitoring mechanisms in the global trade.

It creates confidence among trading nations; and, ultimately enhances bilateral, regional and multilateral trade. He was addressing the high-profile session of the International Centre for Trade Transparency & Monitoring (ICTTM) as a key speaker.

Irfan Iqbal Sheikh pointed out that Pakistan needs to adopt Advanced Data Analytics & Modeling for Foreign Trade Data (ADAMFTD) – which is an ICTTM initiative – in particular these have the scope to revolutionize and influence both historical & real-time trade data to decode world-wide trading patterns. ADAMftd platform will ensure transparency, security, and efficiency in international trade operations, he added.

It is pertinent to note that Pakistan’s apex body, FPCCI and ICTTM have crossed a significant milestone by signing a Memorandum of Understanding (MoU) – and, this partnership underscores a shared commitment to enhance the transparency and compliance in international trade, Sheikh added.

He said that the international trade is heavily concerned with customs and trade procedures; and, the fundamental mechanisms for facilitating trade for transparency, predictability and consistency vis-à-vis procedures, formalities, rules & legal frameworks on exports and imports.

FPCCI Chief explained that improving worldwide coordination and cooperation in the international trade and related services would reduce the transaction costs – fostering the growth of global transactions. Nonetheless, the importance of reliable and authentic data is the key factors that influence cross-border trade.

Sheikh stressed that advanced technologies have already automated global supply chains significantly.

The scope and potential for using the latest technologies to facilitate cross-border trade is far greater than the 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 a complex process that requires modern technology; and, without innovation, we would find the process even more complicated. Technology, however, has kept us moving forward and pushed us to invent new ways to expand shipping and made the international trade markedly more efficient, he added.

Copyright Business Recorder, 2023