ABU DHABI, February 27, 2024: In 2015, TradeMark Africa (TMA) presented the Trade Logistics Information Pipeline (TLIP) idea during the World Trade Organisation MC10 forum in Nairobi and in 2019, TMA and IOTA foundation partnered to build a secure and trustworthy international trade system that removed bottlenecks associated with paperwork, access to information and slow approvals, to reduce the time and costs taken to trade. With TMA funding of $4 million, IOTA developed TLIP, a system built on the distributed ledger technology providing a transparent and secure electronic exchange of trade information in international supply chains. TMA and IOTA have showcased the TLIP's proof of concept across various scenarios, highlighting its scalability and efficiency in documenting diverse trade flows. From the conducted pilots, this initiative has demonstrated outcomes such as an 80% decrease in trade costs and a reduction in cross-border processing times from 25 days to just one day. Traders benefit from greater predictability of access to customs facilities while crossing borders, which in-turn reduces their administration costs and effort. The average cross-border transaction requires the exchange of 36 documents and 240 copies involving up to 30 actors. TLIP received acclaim from government agencies and supply chain organisations for its ability to promote transparency, enhance data sharing and snowball cost savings. The infrastructure has already been used in Kenya and been tested in the UK. Building on this success, today at the WTO's 13th Ministerial Conference in Abu Dhabi, TMA is partnering with IOTA, the World Economic Forum, the...
TradeMark Africa Partners with Global Organisations to Reimagine International Trade
Posted on: February 27, 2024
Posted on: February 27, 2024