Coriolis Technologies, a tradetech providing data and analytics as a service for trade professionals, is partnering with the Global Trade Professionals Alliance (GTPA) to develop what it says will be 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 company, which applies machine learning technologies to trade data sources, adds that the new 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.
Sydney, Australia-based GTPA is a not-for-profit, membership-based organisation, whose remit is the development of international standards to harmonise and facilitate inclusive and trusted trade.
Apac is first stage
In the first stage of development, Coriolis and the GTPA will focus on building data for the Asia-Pacific region. “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,” said Coriolis’ CEO, Dr Rebecca Harding.
“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.”
The GTPA’s CEO, Lisa McAuley, added: “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.”
Coriolis recently announced a partnership with financial messaging and data management specialist INTIX to provide banks with insights on global trade flows and finance data.
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