Bojan Čekrlić, CEO of CargoX, a pioneer in blockchain-based trade documentation and electronic bills of lading (eBL), recently shared insights on the digital transformation reshaping maritime shipping and trade in the Middle East. This region, crucial for its strategic trade routes, is embracing a digital revolution that promises to redefine global trade documentation practices significantly.
CargoX is leading the way in transitioning to a digital trade ecosystem with its blockchain-based eBL platform, advancing trade digitalization by facilitating the secure transfer of electronic bills of lading.
Čekrlić discusses the Middle East’s progress in adopting digital trade documents, observing, “The Middle East is leading the way in digitalization, with governments not only supporting but in some cases mandating the shift to electronic trade documents.”
This shift aims to address the inefficiencies of traditional paper-based systems, known for their slow processes, error-proneness, and overall complexity, particularly with the push towards the Model Law on Electronic Transferable Records (MLETR).
Digital solutions, including electronic bills of lading and CargoX’s Advance Cargo Information (ACI) platform for governments, offer a more streamlined, cost-effective, and transparent process, significantly improving customs and port system efficiencies.
The integration of CargoX Platform with Egypt’s NAFEZA single window system demonstrates its pivotal role in facilitating Advance Cargo Information (ACI), leading to substantial improvements in customs efficiency and cargo release times.
At the core of this transformation is CargoX, harnessing the potential of blockchain technology. Čekrlić highlights blockchain’s superiority over traditional methods, stating, “Blockchain technology revolutionizes trade document processing by providing unparalleled security and efficiency.”
The collaboration between CargoX and Abu Dhabi Customs exemplifies the potential of digital document processing, aiming to enhance supply chain security and efficiency through Trade chain, a digital platform for electronic trade documents.
A significant benefit of digital solutions is their contribution to environmental sustainability, by reducing the need for paper and air transport for document delivery. CargoX’s platform has already transferred over 6 million electronic trade documents, underscoring the environmental advantages of digitalization in trade.
Looking ahead, Čekrlić foresees continued impact of digital document processing technologies on the Middle East’s trade landscape, driven by the region’s commitment to modernizing trade processes and supported by legal frameworks like the UN’s MLETR.
Moreover, the development of Digital Trade Corridors (DTCs) presents growth opportunities, facilitating seamless cross-border trade and reinforcing the Middle East’s position as a global trading hub.
In conclusion, the conversation with Bojan Čekrlić highlights the significant progress the Middle East is making in digital trade documentation, spearheaded by companies like CargoX. This digital revolution not only streamlines trade practices but also promotes environmental sustainability, marking a new era in global trade documentation that will reshape the international trade landscape profoundly.
CargoX’s alignment with MLETR standards and its role in ACI systems underscore its commitment to enhancing global trade through digital transformation, ushering in a new era of efficiency, security, and sustainability in maritime shipping and trade documentation.
