News
Skopje, North Macedonia – The International Centre for Trade Transparency (ICTTM) marked a historic occasion by sealing a Memorandum of Understanding (MOU) with the Macedonian Chambers of Commerce (CCM) on the 3rd of August 2023. This initiative represents an ambitious leap towards reinforcing innovation, efficiency, and transparency in international trade, underscoring North Macedonia’s rise as a vital nexus for trade within the Balkans and extending throughout Europe.
Operating as a non-governmental legal extension of the International Trade Council, the ICTTM focuses its mission on overcoming technical challenges in trade, enhancing supply chain integrity, boosting traceability, and amplifying transparency. Their commitment to “de-risking the supply chain” is unwavering.
Acknowledging North Macedonia’s influential role in supply chains and its burgeoning stature as an economic dynamo in Europe, the ICTTM and CCM collaboration will capitalize on the country’s strategic location, thriving economy, and talented workforce to pioneer a hub for international trade and supply chain operations. This includes the introduction of ICTTM’s forthcoming ADAMftd (Advanced Data Analytics and Modeling for Foreign Trade Data) system.
The MOU outlines the ICTTM’s plans to embark on a pilot project in North Macedonia, involving organizations identified by CCM, with the collective goal of promoting the ADAMftd platform upon its launch. Leveraging the first-mover advantage, CCM aspires to furnish North Macedonian companies with invaluable tools to catalyze international expansion and deliver indispensable global data, thereby propelling exporters into new markets.
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ADAMftd, a sophisticated AI-driven platform under ICTTM’s development, is engineered to exploit both historical and real-time trade data, regulations, tariffs, and other essential elements to decode global trade patterns and pinpoint supply chain vulnerabilities. Its capabilities extend to:
- Sourcing new clients and suppliers
- Charting supply chains
- Evaluating risks linked with supply chain and partnerships
- Forecasting global demand for tangible products
Complementing these capabilities, ADAMftd’s predictive modeling feature is designed to cater to various stakeholders, including exporters, importers, financiers, insurers, logisticians, government authorities, hedge funds, traders, and any enterprise seeking transparent supply chain operations.
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ICTTM’s vision for redefining international commerce centers on empowering decision-makers with indispensable tools to navigate the multifaceted global market. This vision manifests in objectives like:
- Swift, affordable, and efficient service provision
- User-friendly information presentation
- Cost reduction for market entrants
- Leveling the corporate and governmental playing field
James York, CEO of the ICTTM, lauded this partnership, remarking, “The ascendance of North Macedonia as a key economic pillar in the Balkans is nothing short of inspiring. Aligning with a formidable ally like CCM transcends mere strategy; it’s an homage to shared ambitions and principles. We eagerly anticipate amplifying this partnership, utilizing North Macedonia’s strategic geography, economic prowess, and proficient workforce to sculpt a revolutionary hub for international trade and supply chain endeavors.”
This synergistic collaboration between ICTTM and CCM encapsulates a dedication to growth and innovation, positioning North Macedonia at the cutting edge of the next global trade era. By integrating artificial intelligence and prioritizing North Macedonian investments, this partnership forges a pathway towards an enlightened future of international commerce.
About the MCC:
The Macedonian Chambers of Commerce (MCC) stands as a non-governmental institution in North Macedonia, tasked with representing the interests of businesses both large and small. It recognizes that small and medium-sized enterprises (SMEs) are the backbone of any thriving economy. This understanding fuels the MCC’s unwavering commitment to the development and support of SMEs, viewing their growth as a means to fortify the overall economic landscape in the long term.
The promotion and cultivation of SMEs and entrepreneurship within the Macedonian economy has not merely been about fostering an entrepreneurial spirit. It also serves as a vehicle to stimulate awareness of the persistent need for changes and reforms within the economic arena. These aspects are embraced as one of the primary priorities of the MCC, solidifying the role of SMEs as essential components for the strengthening and dynamism of the national economy.
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Functioning through sector chambers, the Macedonian Chambers of Commerce extends a comprehensive range of services to corporations across the nation. This includes access to vital information, databases, entrepreneurship education, and legal counsel. Moreover, MCC plays a crucial part in facilitating connections with business partners and providing information about domestic and international tenders.
The support from MCC goes even further by enabling corporate appearances at fairs and offering insights into various sources of funding. The institution actively aids companies in influencing regulatory changes and serves as a reliable intermediary in dealings with state authorities. In addition, the MCC’s contacts and reputation serve as a valuable endorsement in public procurement activities, whether at the level of the Republic of North Macedonia or on an international scale.
By taking a multi-faceted approach, the Macedonian Chambers of Commerce strategically positions itself as an indispensable ally for businesses of all sizes, thereby contributing to a more robust and responsive economic environment within the country.
About ICTTM:
The International Centre for Trade Transparency Limited (ICTTM) stands at the forefront of fostering transparency and adherence to compliance within the realm of international trade. The organisation is deeply engaged in the creation and deployment of innovative AI-driven tools, meticulously designed to analyze and navigate global supply chains.
The ICTTMs sophisticated technology is instrumental in pinpointing various risk factors within supply chains. These include potential areas of fraud, diversions in the supply chain, payment and supplier risks, sanctions liabilities, threats linked to environmental catastrophes, and violations of human rights. Furthermore, ICTTM’s tools extend beyond risk management. They are crafted to map the complex landscape of supply chains, assist companies in discovering untapped markets, predict trends in market growth and stability, and ascertain the specific requirements needed for products to penetrate diverse markets around the world.
Through their unwavering commitment to technological advancement and innovation, ICTTM is not only responding to the current demands of global trade but actively shaping its future, ensuring a more transparent, secure, and efficient international trade ecosystem.
The Directors of the Board of the ICTTM include: Hon David Wells, H.E. Ambassador Sven Jurgenson, Viscount Lord Waverley, Hon Charles Mok and Hon Iain Evans.
