FIT Alliance: can cross-sector trade become easier?

Organisations from the transport sector have signed a memorandum of understanding for the Future International Trade Alliance (FIT Alliance). It’s an agreement regarding digitalised and standardised trade processes by using electronic bills of lading. “The FIT Alliance is related to the digitalisation of international trade in general, including container and bulk shipping, explained Ole Hagen, Vice President at FIATA, mentioning that rail freight could also benefit from this development.

The FIT Alliance was signed by transport organisations including FIATA, DCSA, SWIFT, BIMCO and ICC. Their shared objective is to “collaborate on the development and adoption of relevant standards to facilitate the use of electronic bills of lading, generate awareness about the importance of common and interoperable data standards and common legislative conditions across international jurisdictions and platforms”.
What does it mean?
“The FIT Alliance is focusing on facilitating the acceptance of electronic Bills of Lading within the industry and specifically by regulators, banks and insurers,” underlines Hagen. “Every organisation in the Alliance is committed to promoting standardised legislation, which enables industry stakeholders to conduct digital transactions securely and seamlessly; this is a common objective which all are willing to implement,” he adds.