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Commenting on the Electronic Trade Documents Act receiving Royal Assent, Mandy Lockett, International Business Director at East Lancashire Chamber of Commerce, said:
“These are the first steps in digitalising international trade documents, saving billions globally per year; if just 50% of the container shipping industry adopted electronic bills of lading as well as reducing global carbon dioxide emissions from logistics by as much as 12%.
“Documents detailed within the bill are bill of lading, bill of exchange, promissory note, ship’s delivery order, warehouse receipt, mate’s receipt, marine insurance policy, cargo insurance certificate, leading towards wider digitisation in importing and exporting in future years.”
British Chambers of Commerce Head of Trade Policy William Bain commented:
“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.”
About The Act
The Electronic Trade Documents Act gives legal status to electronic Bills of Exchange and Bills of Lading and other commercial documents – view Electronic Trade Documents Act 2023 publications – Parliamentary Bills – UK Parliament.
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.
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