24th July 2023
Commenting on the Electronic Trade Documents Act receiving Royal Assent, Dr Liz Cameron CBE, Chief Executive of Scottish Chambers of Commerce, said:
“Campaigners have worked for years to have the Electronic Trade Documents Act passed, and its introduction in mid-September will mark transformational change in digitalising international trade.
“With this major change, the UK’s sustainability efforts can be boosted by saving paper, but also cut processing time for trade documents down to mere seconds in some cases.
“SCC will work with our colleagues in the International Chambers of Commerce, with local Chambers and businesses across Scotland and the wider UK to ensure the full benefits of this are felt in global trade.
“This can also hopefully 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.”
Background
The Electronic Trade Documents Act 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.