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UK passes Electronic Trade Bill to boost paperless trade
Posted on October 17, 2022 |
- The Electronic Trade Documents Bill will be introduced in Parliament today, which will boost the UK’s international trade and will reduce 28.5 billion paper trade documents printed and flown around the world daily.
- Under the Electronic Trade Documents Bill, digital trade documents will be the same as their paper-based equivalents to give UK businesses more choice and flexibility.
- The Bill will modernize old legislation such as the Bills of Exchange Act 1882 and the Carriage of Goods by Sea Act 1992.
- It will lower management costs and trade contract processing times from 7 and 10 days to 20 seconds and will provide a £1.14 billion boost to UK business over 10 years.
- Small and medium businesses will see a 13% increase in international business and the bill will reduce global carbon emissions from logistics by 12%.
- This Bill will also permit businesses to choose to use electronic trade documents but will not force them to do so.
Image: Finbold