Global Trade Modernization Index 2024 Beta Edition Launch

The Global Trade Modernization Index (GTMI) assesses economies' readiness for digital trade, encompassing both public and private sectors, as well as labor force capability. GTMI was first launched in July 2023 and this updated beta edition integrates five pillars of digital trade readiness: (1) Paperless Trade, (2) Trade Openness, (3) Regulatory Environment, (4) Business Readiness, and (5) Human Capital. It covers 65 economies and 27 indicators with new data from public and private sources.

During the launch, Pamela Mar emphasized the significance of technical and human capabilities, policy environments, and business readiness for the success of an economy. The index presented during the seminar aims to engage policymakers and build multifaceted capabilities for digital trade, with the ultimate goal of making trade more open, inclusive, and accessible. Curtis Chin highlighted the Milken Institute's dedication to facilitating connections between people, ideas, and capital, and emphasized the index's role in encouraging countries to collaborate and advance together. Heiwai Tang reiterated the importance of economic development and connectivity amidst increasing fragmentation and conflicts, with the index serving to quantify progress and share best practices for building an international digital trade ecosystem. Howard Lee acknowledged the existing gap between Hong Kong and global leaders in digital trade, underscoring the imperative for innovation and inclusivity. Bertrand Chen focused on the significance of progress and adaptation, identifying novel avenues for Hong Kong to explore in the digital trade era. Andrew Sheng stressed the crucial role of connectivity, data sharing, and the dismantling of silos in ensuring Hong Kong's success, while also proposing the incorporation of green trade and sustainability indicators in future assessments. Marjorie Yang concluded the event with optimism regarding the potential of digital trade to drive growth and transformation, particularly during challenging times like the pandemic, and urged Asian cities to actively participate in shaping the digital trade landscape.

About Global Trade Modernization Index
The Global Trade Modernization Index (GTMI) was first launched by the Asia Global Institute, the International Chamber of Commerce and the Milken Institute in July 2023 to assess economies' readiness for digital trade across both the public and private sectors, as well as labor force capability. The Index aims to improve awareness among policymakers, investors, and businesses about what it takes to create advantage through digital trade and to promote its rapid and equitable adoption. 

More about GTMI beta edition here.