Electronic Trade Documents Act 2023 (UK)
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Trade finance - international trade - bills of lading - law - UNCITRAL - UK.
The UK's Electronic Trade Documents Act 2023 provides for certain electronic trade documents, including electronic bills of lading, to have the same legal status as their paper equivalents if they meet the relevant criteria.
Among other requirements, the document must be used under a "reliable system".
(Source - Hill Dickinson - UK’s Electronic Trade Documents Act now in force.)
- Optimism about speed of global transactions
- "Chris Southworth, the secretary general of the International Chamber of Commerce UK, was 'massively optimistic' that the increasing digitisation of trade documentation, as embodied in the UK’s Electronic Trade Documents Act 2023, could be a game changer for those involved in the finance of international trade. 'Trade is changing and it is changing fast, to become much cheaper, much faster and much simpler, and ultimately enabling us to be match-fit sustainable, too.'
- He predicted that a trade transaction that can currently take between two to three months can now be squashed into one hour. 'For corporate treasurers, that means that you can manage cash better, you can control cash better, you can get end-to-end data across your supply chain with improved audit control, and you get agility and liquidity in an uncertain world.'"
- What we learnt from this year’s ACT Annual Conference - Philip Smith - June 2024.
See also
- Agile
- Audit
- Bill of lading
- Bill of exchange
- Cash management
- Documentation
- E-bill of lading
- Fraud
- ICC United Kingdom
- Instrument
- International Chamber of Commerce (ICC)
- International trade
- Law
- Liquidity
- Model Law on Electronic Transferable Records (MLETR)
- Promissory note
- Straight-through processing
- Supply chain
- Sustainability
- Trade
- Trade finance
- Transfer
- Transparency
- United Nations
- United Nations Commission on International Trade Law (UNCITRAL)
- Warehouse receipt
