Manila, 12 October 2023 (TDI): Steven Beck, the Advisor in the Trade and Supply Chain Finance division at the ADB Private Sector Operations Department, emphasized the need for a comprehensive revision of the global trade and supply chain systems.

Steven Beck has emphasized the urgency to transition from traditional paper-based trade systems to a digital framework.

By adopting electronic documents, such as bills of lading, the costs can be reduced, making trade more accessible to small suppliers in developing economies, Beck said.

Moreover, this digital transformation also facilitates better monitoring of supply chains, addressing issues like climate change and ensuring proper labor standards, he added.

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Furthermore, Beck advocates for greater transparency in trade, emphasizing that it can lead to equitable access to finance.

The concept of “deep-tier supply chain finance” is introduced, using the financial track records of major buyers to support the smallest links in supply chains.

In a transfixing statement, Steven Beck, underscores the significance of the global trading system as the primary catalyst for growth in developing countries, acknowledging its room for improvement while emphasizing its rare potential.

Steven Beck highlighted the vast impact of trade in raising the lives of millions by pulling them out of poverty. The transformative power of trade, as a driver of economic development, has been a historical force for positive change.

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Beck urges stakeholders to recognize the inherent potential within the global trading system and work collectively to enhance its efficacy.

Addressing the deficiencies in global trade and supply chains demands more than minor adjustments, especially in the face of today’s complex economic landscape, as well as pressing issues like climate change and the imperative for greater global economic inclusivity.

It is now opportune for governments and the private sector to confront the challenges within global trade and supply chains, Beck emphasized.

In conclusion, Beck calls for a collective commitment to fortify and refine the global trading system, ensuring that it continues to be a force for positive change.