Digital standards, AI rules key to future of global trade, says new ICC chair

Singhania, chairman and managing director of JK Paper Ltd, told Mint that one of his key priorities during his two-year tenure would be accelerating the adoption of digital trade standards to simplify cross-border commerce, particularly for small and medium enterprises (SMEs).

“Trade documentation is still 80-90% paper-based. Our objective is to digitise global trade documentation, make systems interoperable and reduce costs and complexity, especially for SMEs,” he said.

Singhania is only the fourth Indian in the 107-year history of the Paris-based ICC to head the world’s largest business organisation, which represents over 45 million businesses across 170 countries through its network of over 90 national committees.

His tenure comes at a time when the World Trade Organization (WTO) continues to struggle with institutional paralysis and countries increasingly rely on bilateral and regional trade agreements.

During his tenure, the ICC will seek to strengthen its role in global policymaking across forums such as the UN, WTO, G20, G7 and BRICS, while expanding digital trade tools and standards and deepening engagement across its network.

“The reality is that the WTO faces challenges, but its relevance remains intact. What we need is to revitalise the global trading system through practical cooperation, digital integration and common standards,” he said.

The ICC has identified 36 core trade documents and nearly 190 common data elements that require standardization and digitization under its Digital Standards Initiative (DSI). Of these, digital standards for more than 20 documents have already been developed, with the focus now shifting to persuading governments to adopt them.

Singhania said fragmented national digital systems have emerged as a major barrier to global trade. “Every country is developing its own systems. If these systems cannot communicate with each other, trade becomes more expensive and cumbersome. ICC’s role is to develop common frameworks and advocate their adoption globally.”

AI, data and global rules

Beyond digitisation, ICC is focusing on framing global principles for AI governance and cross-border data flows as businesses rapidly integrate AI into commercial operations.

“AI is transforming business, but governance frameworks are still evolving. We need globally accepted standards that ensure trust, responsible use and interoperability without stifling innovation,” he said, adding that ICC has constituted expert groups to develop recommendations as part of its Vision 2035 agenda.

Singhania also said India has an opportunity to play a bigger role in shaping global commercial rules. "India today is among the fastest-growing major economies and increasingly recognised as a global voice. We now have the opportunity to contribute to global rule-making, whether in digital trade, AI governance or trade facilitation,” he said.

Policy reforms

Meanwhile, ICC has proposed a compact for trade, jobs and growth aimed at de-escalating trade tensions, stabilizing the trading system and revitalising global commerce through policy reforms and digital trade facilitation.

Financing gaps continue to constrain SMEs, particularly in developing economies. He said the ICC is working with banks, multilateral institutions, and regulators to improve access to trade finance while advocating changes to global banking regulations that currently make such financing more capital-intensive. It has also developed a global trade finance registry that uses transaction data and AI-based analytics to help financial institutions better assess trade risks.

Although ICC is a non-political organisation, Singhania said its role is becoming increasingly important in providing businesses with predictable, harmonised rules as geopolitical tensions reshape global trade.