UK Thrusts Trade Finance Digitisation Forward
(31 July 2023 – United Kingdom) The United Kingdom (UK) Electronic Trade Documents Bill received royal asset to be enacted into law.
Electronic trade documents will be granted the same legal status as physical trade documents from September 2023 in an effort to make trade more efficient, cleaner and cheaper for corporates.
The UK economy is set to see a £1 billion boost over the next decade with UK enterprises enjoying huge cost savings. The Act is viewed as a key step not only to revolutionising how the UK trades, but to digitalising global trade more broadly.
“A most welcome opportunity to note that the Electronic Trade Document Bill is getting ever closer to the end of its Parliamentary stages and passing into law. The reason I am calling it "the most important bill that no one has ever heard of" is because of the vast potential it holds for unleashing blockchain development and innovation, transforming international trade and delivering such incredible economic and environmental benefits” commented Lord Holmes of Richmond.
“This relatively small change in UK law has the potential to make a colossal impact globally, unleashing innovation and investment in digital trade solutions and delivering significant economic and environmental benefits. In the UK House of Lords I asked the government how many digital economy agreements we have in place and how many are expected by the end of the year. I firmly believe more must be done and that we should be turbo-charging digital economy agreements with as many countries as possible and that we must all play our part in ensuring a new golden age for international trade.”
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