Chambers are welcoming the Electronic Trade Documents Act, which gives legal status to electronic Bills of Exchange and Bills of Lading and other commercial documents.
The new legislation will come into effect in mid-September this year providing opportunities to digitalise international trade documents and reap efficiency benefits. It also covers trade documents such as promissory notes, warehouse receipts, marine insurance policies, and cargo insurance certificates.
Commenting on the Electronic Trade Documents Act receiving Royal Assent, Anne White, Head of International Trade and Compliance at Thames Valley Chamber of Commerce said
“The container shipping industry generates billions of paper documents annually, leading to unnecessary costs for UK businesses and significant environmental harm. In truth, there is no requirement for such extensive paper production, highlighting the urgent need for more sustainable and cost-effective alternatives.
This innovative act will streamline business operations, enabling smoother and more efficient trade between companies. As a result, it is expected to significantly reduce costs and bolster the UK economy by billions in the long run”
British Chambers of Commerce Head of Trade Policy William Bain said:
“Campaigners have worked for years to have the Electronic Trade Documents Act passed, and its introduction in mid-September will a mark transformational change in digitalising international trade.
“The BCC will work with our colleagues in the International Chambers of Commerce, and with Chambers and businesses across the UK to ensure the full benefits of digitalisation are felt in increased global trade.
“This new era begins in the UK, but it can also act as a beacon, leading towards further digitalisation of trade across the world. We also urge governments to accelerate their work to digitalise border processes.
“In our new Trade Manifesto, we called on Government to work with business to ensure 60% of the UK’s exports are carried out digitally by the end of the decade.”
