The inaugural World Trade Symposium was held in London from 7-8 June 2016 and brought together global leaders, innovative thinkers, influencers and subject matter experts from different corners of trade and commerce.

Co-organised by Misys and the Financial Times, the symposium was attended by representatives from trade and commerce industry, including banks, corporates, industry bodies and not-for-profits.

In his opening keynote Roberto Azevêdo, Director General of the World Trade Organisation shared his views on stimulating growth in world trade, stating that: “If trade is to continue supporting growth, we need to respond to the anti-trade rhetoric that is becoming commonplace and recognise that in recent years, trade has helped to lift hundreds of millions of people out of poverty — in a way which you just don’t see in closed economies.”

The delegates shared their views and suggestions for delivering on a common vision of collaborative, connected, inclusive trade and finance, built on the latest technologies. They called for a number of actions to facilitate and expand global trade with a view to supporting long-term economic growth and prosperity for people across the world.

Among other things, the working group at the symposium called for the establishment of an international body to create an environment that incentivizes industry participants and banks to deploy new technologies and global standards that deliver efficiencies and cost savings that will benefit all over the long term.

In particular, it was recommended that the World Trade Board (or a sub-group) should take an active role in educating the industry about the potential benefits and use cases of blockchain in global trade and trade finance. Blockchain technology has already begun to disrupt and reshape supply chains.

“Through the World Trade Symposium we’ve created a forum where we can discuss the agenda for change and put initiatives in place to help shape how global trade will look in coming years. The World Trade Board will provide regular updates including a flow of progress, specific actions and proposals, and an ever extended group of stakeholders”, said Simon Paris, Co-Chair of the World Trade Board and President at Misys. “Together we can be a force for change. We can use trade, finance and technology to help improve people’s lives and make financial inclusion a reality.”