A warm welcome for the Electronic Trade Documents Act

By MGC Import Export Consultants Ltd

08 Aug 2023

Bill.jpeg.jpg

Good news from the authorities this last week who have announced that they are going to make trade “more straightforward, efficient and sustainable”.

The likely outcome from the Electronic Trade Documents Act which has been adopted by the current government is that electronic trade documents will be granted the same legal status as physical trade documents.

The Act has been adopted with its provisions and is set to be introduced in September 2023.

Minister for Tech and the Digital Economy, Paul Scully, said: “The global container shipping industry generates billions of paper documents a year — and in reality there’s no need for the immense costs UK businesses have to face in producing them, and the detrimental environmental impact that this has.

"What may look to many of us as a small change to the law is something that will have a massive impact on the way UK firms trade and, in turn, is going to boost our economy by over £1bn over the next decade.”

Existing laws dating back to the 1800s previously meant that exporters and importers have had to use paper documents to transfer ownership of the goods they are shipping, he went on, creating a costly, inefficient and outdated way of working.

The Act also covers trade documents such as promissory notes, warehouse receipts, marine insurance policies, and cargo insurance certificates.  The Government estimates that it could generate a net benefit of £1.14bn for the British economy over the next decade for UK businesses trading across the world. The British Chambers of Commerce (BCC) has agreed that the Act’s introduction in September will mark a transformational change in digitalising international trade. 

Head of Trade Policy, William Bain, said that the BCC will work with 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.

The course that is being plotted following on from this enactment is very similar to nations and trading blocs throughout the world that are laying the foundations for a digitised trade window.

Countries have already taken great steps forward with regards to the roll out of these type of processes, in particular Egypt which has been involved with a programme called Cargo X which helps traders transfer documents of title and other documents.

Cargo X is a highly encrypted system and also allows the transfer of ownership of the documents. Based on a neutral, public blockchain, which enables an audit trail of events only to the participants involved, you can upload or create documents - and then transact them, just like through a bank, in a decentralized environment.

Cargo X is a digital platform that allows importers and exporters to securely transfer shipping documents using blockchain technology whereby a unique ACID (Advance Cargo Information Declaration) number is issued via Cargo X for each shipment.

As an early adopter of the technology, Egypt has catapulted itself to the forefront of the changes taking place in the digitalisation of global trade.

Latest news

1

Roundhouse secures approval for new £15m office and industrial scheme in Preston Momentum

Roundhouse secures approval for new £15m office and industrial scheme in Preston

25 Jul 2025

2

Homebuilder's high-performing sales advisers clinch awards Ben Garland and Julia Lorente

Homebuilder's high-performing sales advisers clinch awards

24 Jul 2025

3

Work is set to start on Multiversity project Multiversity Blackpool

Work is set to start on Multiversity project

24 Jul 2025

4

BAE Systems welcomes MOU between Republic of Turkiye and UK for purchase of Typhoon aircraft Typhoon production Warton

BAE Systems welcomes MOU between Republic of Turkiye and UK for purchase of Typhoon aircraft

23 Jul 2025

5

Assystem to double UK jobs to deliver Sizewell C EDF Assystem

Assystem to double UK jobs to deliver Sizewell C

22 Jul 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
Lancashire Built Environment Conference 2025
BEC 315 X 315 Px
Networking
25 Sep 2025

Lancashire Built Environment Conference 2025

Blackpool Football Club, Blackpool, FY1 6HX

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

Preston Tech Connection: Buzz Word Bingo. Challenging Todays's Buzzwords In Tech
July PTC banner long updated.png.png
LBV Hub Networking
29 Jul 2025 - 29 Jul 2025

Preston Tech Connection: Buzz Word Bingo. Challenging Todays's Buzzwords In Tech

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 19:30

Preston Freelancer Meet-Up: July
Longer July Banner.jpg.jpg
LBV Hub Networking
31 Jul 2025 - 31 Jul 2025

Preston Freelancer Meet-Up: July

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Advantage: AI – A Workshop for Business Leaders – August 14th
Navy--Event Tile.png.png
LBV Hub Seminars
14 Aug 2025 - 14 Aug 2025

Advantage: AI – A Workshop for Business Leaders – August 14th

Door4 Office, Burnley Wharf, Burnley, BB11 1JG

09:00 - 12:00

The Business Network Central & East Lancashire
LBV Header (24).png.png
LBV Hub Networking
21 Aug 2025 - 21 Aug 2025

The Business Network Central & East Lancashire

Mytton Fold, Langho, BB6 8AB

11:30 - 14:15

Morecambe Bay Walk
Walk.jpg.jpg
LBV Hub Awards
30 Aug 2025 - 30 Aug 2025

Morecambe Bay Walk

Arnside, CARNFORTH, LA5

09:30 - 14:00

Longridge Soap Box Derby
Screenshot 2025-06-10 090035.png.png
LBV Hub Fundraisers
14 Sep 2025 - 14 Sep 2025

Longridge Soap Box Derby

Berry Lane, Longridge, PR3 3WH

10:00 - 16:30

Cumbria Business Expo 2025
https---cdn.evbuc.com-images-880461633-4862066883-1-original.20241022-110415.jpeg.jpg
LBV Hub Exhibitions
19 Sep 2025 - 19 Sep 2025

Cumbria Business Expo 2025

Carlisle Racecourse, Carlisle, CA2 4TS

09:00 - 15:00

Help to grow management course
Help to grow - barriers to growth.png.png
LBV Hub Seminars
26 Sep 2025 - 16 Dec 2025

Help to grow management course

Preston Campus , Preston , PR1 2HE

09:00 - 15:00

RISE - Lancashire's unique leadership programme for women
thumbnail_Emma Weston Illustration WENDY BOWERS RISE Illustrstion.jpg.jpg
LBV Hub Seminars
22 Oct 2025 - 18 Mar 2026

RISE - Lancashire's unique leadership programme for women

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:30 - 15:30

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV 123 Online Graphic
Subscribe now

Weekly news bulletin