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Towards The Application Of Blockchain Technology For Improving Trade Facilitation In Cefta 2006

Author

Listed:
  • Martin Mihajlov

    (Ss. Cyril and Methodius University in Skopje)

  • Katerina Toshevska-Trpchevska

    (Ss. Cyril and Methodius University in Skopje)

  • Irena Kikerkova

    (Ss. Cyril and Methodius University in Skopje)

Abstract

The benefits and value drivers of customs digitalization are considerable. The key motivation is the efficiency associated with minimizing the cost of managing documents throughout the trade process, including costs associated with the exchange of documents with other countries, as well as the procurement and facilitation of those documents. Since it is of general knowledge that effective trade facilitation signifies reliability and security of the trade transactions we think that blockchain technology may be able to offer a high level of confidence in these areas to both traders and regulators. The proposal presented in this paper is focused on jointly moving all (customs) stakeholders towards a standardized integration of collaborative processes. By investigating blockchain solutions along with technology and standards, we propose a pathway to achieving an international system-to-system integration. Taking into consideration the realization of deeper integration among the countries, especially in the field of trade and digital integration, we try to analyze how blockchain technology can help support that integration. In order to analyze the possible application of this technology for deepening CEFTA integration through enhancing trade facilitation we briefly refer to its’ positive aspects. Instead of developing individual software solutions in CEFTA countries it might be beneficial to move services to a blockchain technology platform. While currently, this might be hindered by local policies, blockchain technology will have its’ influence and application in trade facilitation as it has in many other fields. With full awareness of the possible threats and challenges, it is of the utmost importance to engage in discovering the most compatible pathway to apply this technology in regional trade facilitation and deepen digital integration among CEFTA member countries.

Suggested Citation

  • Martin Mihajlov & Katerina Toshevska-Trpchevska & Irena Kikerkova, 2019. "Towards The Application Of Blockchain Technology For Improving Trade Facilitation In Cefta 2006," Economic Thought and Practice, Department of Economics and Business, University of Dubrovnik, vol. 28(1), pages 209-222, june.
    • Handle: RePEc:avo:emipdu:v:28:y:2019:i:1:p:209-222
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    References listed on IDEAS

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    1. Mojsoska-Blazevski, Nikica & Petreski, Marjan, 2010. "Western Balkan’s trade with the EU and CEFTA-2006: Evidence from Macedonian data," MPRA Paper 41942, University Library of Munich, Germany.
    2. Chauffour, Jean-Pierre & Farole, Thomas, 2009. "Trade finance in crisis : market adjustment or market failure ?," Policy Research Working Paper Series 5003, The World Bank.
    3. Katerina Tosevska-Trpcevska & Dragan Tevdovski, 2014. "Measuring the Effects of Customs and Administrative Procedures on Trade: Gravity Model for South-Eastern Europe," Croatian Economic Survey, The Institute of Economics, Zagreb, vol. 16(1), pages 109-127, April.
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    More about this item

    Keywords

    Trade facilitation; CEFTA-2002; Blockchain technology; positive aspects; deepening digital integration;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F19 - International Economics - - Trade - - - Other
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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