INDUSTRY NEWS
Trade digitalisation reaps strong rewards
The Institute of Export & International Trade ( IOE & IT ) has launched a new report setting out the opportunities and challenges of digitalising trade .
The report , Trade Data and Digitalisation , takes a comprehensive look at the benefits of adopting full digitalisation of trade . It crystallises some of that thinking by setting out the areas where trade is changing and what that will mean for the wider economy .
Marco Forgione , director general of the IOE & IT , explained : “ Digitalisation of trade is the most significant issue in international trade today . This report sets out a clarion call for governments , intergovernmental organisations and businesses to really seize the opportunities of the digitalisation of trade information .
“ When we talk about the digitalisation of trade , we are not referring to scanning and emailing PDFs ; it is about proper integration of trade and customs data . This will mean the speed at which goods are transported and processed will increase and there will be fewer delays at borders . The flows of documentation involved in the transportation of goods and services haven ’ t really been impacted by the digital revolution yet .”
He concluded : “ Globally over 2.5 quintillion bytes of data are produced each day . To give a sense of scale , the Milky Way is a quintillionmetres-wide . Any change which speeds up the transfer of data has the potential to make a huge impact . In the UK alone , the full digitalisation of trade data stands to add over 1 %, some £ 25bn , to UK GDP .”
FABTECH Canada , the country ’ s largest metal forming , fabricating , welding and finishing event , has announced its return from 14-16 June 2022 at the Toronto Congress Centre .
“ Over three days , FABTECH Canada attendees will connect with suppliers , see the latest industry products and developments , find the tools to improve productivity and discover the latest manufacturing solutions ,” the show organiser told ISMR .
John Catalano , SME Senior Director , FABTECH , commented : “ More than ever before , our goal is to deliver a show that encourages collaboration and networking , equips manufacturing professionals with the latest technological advancements and provides an immersive education platform to discover new techniques and trends that will improve productivity and the bottom line .”
FABTECH Canada ’ s 80,000 square foot
Marco Forgione , Director General , IOEIT .
UK Minister for Exports , Mike Freer MP , welcomed the IOE & IT report saying that adopting digital processes will be “ faster … and cheaper ” leading to increased exports and return on investment .
Freer said : “ As rightly highlighted in the IOE & IT report , advances in technology in the future will be paperless . The documents required to navigate customs can be transmitted in the blink of an eye from one side of the world to another . Digitalisation can make border processing up to 90 % faster .”
True , or full , digitalisation in the context of international trade involves the digitalisation of all trade-related information flows . Full digitalisation will enable the exchange of trade-related data , documents and electronic authorisations between relevant parties in the supply chain .
This has ramifications for a wide and growing range of related aspects of electronic commerce and trade management from cybersecurity , privacy and consumer protection to legal , regulatory and taxation requirements . Digitalising international trade is a huge
show floor will give attendees access to over 200 exhibiting companies showcasing new innovations covering close to 40 technology focus areas ( including cutting ; lasers ; press brakes ; robotics and welding machines ).
“ Attendees will experience live , hands-on equipment demonstrations and connect with thousands of experts and peers during the event ’ s networking activities ,” added the organiser .
FABTECH Canada offers a line-up of undertaking , but the potential benefits are commensurately sized . This is particularly the case for the UK , where exports ( two-thirds of which are goods , and one-third services ) account for around one third of GDP ( with imports similarly large ).
According to the report , firms , sectors and government stand to benefit from increases in efficiency ; ‘ doing existing things better ’ as well as from the many opportunities that arise for new goods , services and markets that will evolve alongside the technology-based backbone of digitalised trade .
The report highlights ten key areas which would improve as a direct result of the digitalisation of international trade .
1 . Lower costs of trade , including reduced delays at borders .
2 . New combinations of goods and services and ‘ servitisation ’. 3 . Lower barriers to entry . 4 . Economies of scale . 5 . Wider supply of finance and insurance . 6 . Reduced carbon footprints and improved sustainability . 7 . Greater resilience to shocks . 8 . Reduced theft , fraud and tax evasion . 9 . Growth in coverage and visibility of supply chains . 10 . Better and speedier trade data .
The report also gives a comprehensive list of recommendations on digital trading practices . For report details , see bit . ly / 3xfnY1v n
FABTECH Canada returns for first time in four years
keynote speakers , panel discussions and educational programmes . Around 50 + conference sessions and workshops will be led by industry thought-leaders .
This year , FABTECH Canada is partnering with the CWB Group , an industry-supported private sector organisation providing welding certification , management systems registration and training services , who will hold its CanWeld 2022 Conference in conjunction with FABTECH Canada on 15-16 June 2022 . The goal for this year ’ s conference is to educate attendees on the latest welding technologies as well as current issues affecting the welding industry .
FABTECH Canada is organised by association event partners SME , AWS , FMA , PMA and CCAI . For conference and registration information , visit :
https :// canada . fabtechexpo . com
14 | sheetmetalplus . com | ISMR May 2022