On Wednesday, a proposal was made for a Global Value Chain (GVC) Passport, a tool to verify a firm is financially compliant without having to repeat the process in numerous countries. The idea is to make cross border trade easier for all companies but especially SMEs.
The GVC Passport proposal was outlined by the B20 group and ‘Business at OECD’ (BIAC). Saudi Arabia currently leads the G20 and Business Twenty (B20) is the G20 dialogue with the business community.
The report that accompanies the announcement says: “A GVC Passport could provide an authenticated, authoritative, verifiable financial fingerprint of a given entity, enabling it to operate within GVCs without the need to reproduce the same documentation on multiple occasions, nor undergoing duplicative verifications.”
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