New version of World Trade Modernization Index launched to accelerate digital trade

Mar 15, 2024

The ICC Digital Standards Initiative, the Asia Global Institute and the Milken Institute have announced the launch of the BETA version of the Global Trade Modernization Index (GTMI) in Hong Kong. The new version marks the first update to the ALPHA version released in March 2024.

This 2024 version incorporates new data, minor adjustments to methodology, expert opinions from organizers, and a digital policy alert. The launch aims to highlight how economies can develop their readiness for digital trade through five linked pillars: (1) Paperless Trade, (2) Trade Openness, (3) Regulatory Environment, (4) Business Readiness and ( 5) Human capital. The index aggregates 27 indicators to evaluate 65 economies.

Notable ideas in the BETA include:

Number 1 position with a score of 95.7 in the five pillars

The United Arab Emirates enters the index in eleventh position.
The United Kingdom, which passed the Electronic Commercial Documents Act in September 2023, has risen four places to seventh position.
The Index aims to enable a conversation with policymakers about building capabilities that support an economy and its businesses to fruitfully engage in digital trade.

Global Asia Institute

Asia Global Institute is a multidisciplinary think tank co-established by the University of Hong Kong and the Fung Global Institute. The Institute’s mission is to generate and disseminate research and ideas on global issues from Asian perspectives. It aims to inform global policies and actions towards a prosperous and sustainable future for all.

Milken Institute

The Milken Institute is a nonprofit, nonpartisan think tank focused on accelerating measurable progress on the path to a meaningful life. With a focus on financial, physical, mental, and environmental health, we bring together the best innovative ideas and resources to develop plans to address some of our most critical global issues through the lens of what’s urgent now and what’s coming next.

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