APEC Leaders Push for Digitalisation of Trade to Boost Efficiency and Sustainability

Leaders and trade ministers from the Asia-Pacific Economic Cooperation (APEC) have reiterated their commitment to advancing trade digitalization as a means to reduce costs, enhance efficiency, and unlock economic growth in the region. Representing economies responsible for more than 60% of global trade, the delegates emphasized the adoption of electronic trade-related documents, with a particular focus on the electronic bill of lading (eBL).

The APEC leaders highlighted the transformative potential of eBLs in achieving significant savings and streamlining supply chains. According to research conducted by McKinsey, transitioning from traditional paper-based bills of lading to electronic versions could result in approximately $6.5 billion in direct cost savings annually. The move could also drive global trade growth by $30–40 billion each year, improve customer interactions, and contribute to sustainability by reducing paper usage and emissions.

At the recent summit, the issuance of the “Machu Picchu Declaration” underscored APEC’s unified stance on the importance of eBL adoption. Leah Liston, representing the United States Trade Representative, described the initiative as a promising step, emphasizing that digitalizing trade documents and procedures is essential for sustainable and inclusive growth.

The container shipping industry has emerged as a strong advocate for eBL implementation. Members of the Digital Container Shipping Association (DCSA), which accounts for 75% of global containerized trade, have committed to achieving 100% eBL usage. Similarly, the FIT Alliance, comprising organizations such as BIMCO, FIATA, ICC, and Swift, has launched declarations supporting eBL adoption backed by cargo owners, financial institutions, freight forwarders, and IT providers.

Despite its advantages, eBL adoption faces challenges due to regulatory barriers and government procedural delays. A 2024 report by the DCSA identified legal and regulatory obstacles to universal eBL implementation, and its findings were shared with APEC leaders for collaborative problem-solving. Thomas Bagge, CEO of the DCSA, noted that in the face of geopolitical tensions, global cooperation on trade digitalization and standardization remains critical. He reaffirmed the DCSA’s commitment to achieving 100% eBL adoption through collaboration with supply chain stakeholders.

The APEC initiative also extends to improving supply chain connectivity by enhancing transparency, efficiency, and reliability through digital processes. As the summit host, Peru played a central role in prioritizing eBL adoption. Teresa Mera Gomez, Peru’s Vice Minister of Foreign Trade, outlined her country’s efforts to modernize trade infrastructure and promote paperless trade through digitalization. She emphasized the integration of advanced technologies and electronic records as essential to strengthening the resilience and efficiency of global supply chains.

Peru’s leadership in this effort was reflected in Joint Ministerial Statements and Leaders’ Declarations, which underscored the importance of collaboration with organizations such as the DCSA and FIT Alliance. This cooperation aims to establish global standards and accelerate the adoption of eBLs, marking a significant milestone in the ongoing digital transformation of international trade.

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