World’s first digital trade database to be developed
New database will provide more timely and relevant information on global trade flows.
New database will provide more timely and relevant information on global trade flows.
Coriolis Technologies, a source of data and analytics as a service for trade professionals, has announced a partnership with the Global Trade Professionals Alliance (GTPA), to develop the world’s first digital trade database.
The database will provide more timely and relevant information on global trade flows, allowing users to better understand how global trade is changing as digital technologies and services become more important aspects of supply chains.
The database will be used by banks, governments and the investment community, allowing them to make robust and more informed business decisions with unparalleled insight into the global flows of goods, services and strategic trade.
In the first stage of development, Coriolis and the GTPA will focus on building data for the Asia-Pacific region. It’s estimated that the first version of the platform will be put out to the market by the end of 2019.
Dr Rebecca Harding, CEO, Coriolis Technologies, said: “We are delighted to be working with the GTPA to improve the availability of good quality trade data, through the development of a digital trade database.
“Collecting and collating data has historically proved difficult, and this problem has been further compounded by the growth in digital trade, which is far harder to track than the movement of physical goods.
“The Coriolis-GTPA database will allow trade originators to understand precisely where the risks and the opportunities are around the world in politics, in economics and in reputation.”
For corporate treasurers, this new database will introduce new levels of benchmarking possibilities.
Dr Harding explains: “Corporate Treasurers deal everyday with cross border payments but do not know how many of these are in the services and digital trade sectors necessarily and do not have a picture of how big the total market is by country, global region or across the world. This means that they have no benchmark against which to compare their performance and his tool will enable them to do that.”
Lisa McAuley, CEO, Global Trade Professionals Alliance, said: “The benefits of international trade are currently the subject of debate in various contexts, however, it has long been demonstrated that, even with its systemic imperfections which must be acknowledged, trade has been a powerful driver for economic value creation, inclusion and poverty reduction, as well as peace and security.
“The GTPA is pleased to partner with Coriolis Technologies as trade and investment data collection is imperative to drive robust trade policy decisions, analysis on the implementation and success of Free Trade Agreements and more importantly data that can be used to communicate the role of trade in a countries best economic interests to the general public.”