We need to know as much as possible about how products are made. This will require new systems that bring greater transparency to global trade and supply chains.
Mr. Beck has managed the exponential growth of ADB’s Trade Finance Program, and implemented its first supply chain finance business. Prior to joining ADB, he worked for the Canadian Imperial Bank of Commerce and was an advisor to the Canadian Minister of Finance. Mr. Beck played a key role in the start-up of the Black Sea Trade and Development Bank, and was a consultant for USAID in Southern Africa and for a start-up financial institution in Armenia. Mr. Beck is on the Advisory Board of the International Chamber of Commerce Banking Commission, and a member of the WTO Working Group for Trade Finance.
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We need to know more about who is involved and what is going on at all points in the supply chain process. Digitalization is key to helping us achieve this level of transparency.
Greater use of bar codes can make global supply chains more robust and enhance the ability to verify social and environmental standards.
Greater transparency is required to make global trade and supply chains more reliable and to ensure sustainability and social standards are met. But that is easier said than done.
The pandemic laid bare the fragility of global supply chains and the need to increase access to trade finance to spur economic growth and create jobs.
Paper-based trade is a drag on the efficiency of the global trading system. Digitization will make trade and supply chains more robust, and the world more secure.