On 20th July 2023, the Electronic Trade Documents Act 2023 became law in the UK and allows the legal recognition of trade documents from 20th September 2023. This includes bills of lading, bills of exchange, promissory notes, warehouse receipts and marine insurance documents.
Paperless trade is a significant step towards modernisation of international trade and will enable businesses to capitalize on cost savings and accelerate trade and movement of goods. Since last week, every company trading under English law can now remove paper and make the most of the digitalisation of international trade documents by reducing red tape and delays.
This is a change that has long been awaited and has been led by the International Chambers of Commerce (ICC) through their Digital Standards Initiative. To read the bill, please see here.
If you’d like to speak to a member of our Trade Team, please contact email@example.com