Australian High Commission hosts Tech4Trade

On 30 and 31 October, the Australian High Commission in partnership with the Ceylon Chamber of Commerce, will host Tech4Trade, a conference to showcase a range of technologies that can make trade more efficient. 

Speaking at the event, Australian High Commissioner Bryce Hutchesson said, “In Sri Lanka we see a country open to early technology adoption, and keen to grab the competitive edge technology can provide. That is not only wise, it is essential. In a global economy being shaken up by digital disruption, where traditional industries are being turned upside down overnight, there is simply no choice but to embrace technology as a means to stay ahead of the curve. We are proud to support such a cutting-edge activity.”

High-level officials and business representatives from a range of sectors will attend the Conference, which includes presentations from technology experts, including CSIRO (Australia’s scientific agency) and 1Stop Connections (an Australian SME that has developed digital solutions to optimise port operations). It will also include international organisations, such as the World Bank and the Global Trade Professionals Alliance.

The conference will feature Blockchain technology, a distributed ledger technology that allows transactions to take place in the absence of an intermediary. The ledger is immutable, protecting against fraud. In supply chains, blockchain has the potential to improve significantly the exchange of information and streamline processes, as well as to improve supply chain integrity and reduce costs.

The conference is timely for Sri Lanka. In 2016, Sri Lanka formalised its National Trade Facilitation Committee (NTFC) to ensure implementation of the World Trade Organization Trade Facilitation Agreement. In 2017, a permanent secretariat to the NTFC was established supported by the World Bank. The NTFC is considering new measures and approaches to improve trade facilitation, and digital trade technologies are part of that mix.