The BCC (British Chambers of Commerce) is urging businesses who want to boost their exports and reduce costs to quickly embrace a new era of digital trade.
It made the call as the Government’s flagship Electronic Trade Documents Act finally came into force today (September 20).
William Bain, Head of Trade Policy at the BCC, said:
“Campaigners, including the BCC, have worked for years to have the Electronic Trade Documents Act passed, and its introduction is a huge milestone.
“This new era is starting in the UK, but we can also act as a beacon, leading towards further digitalisation of trade across the world. We now need to see other governments accelerating their work to digitalise border processes.
“In our Trade Manifesto, we called on the UK Government to work with business to ensure 60% of the UK’s exports are carried out digitally by the end of the decade.
“The whole Chamber Network has already risen to this challenge and has switched to using Digital Certificates of Origin for the UK.
“As more countries make the transition, we will be able to increasingly digitize our trade - making it much less bureaucratic, and leading to big savings in both costs and time.”
About The Act
The Electronic Trade Documents Act gives legal status to electronic Bills of Exchange and Bills of Lading and other commercial documents.
The new legislation gained Royal Assent on July 20 this year and came into force on September 20. It provides 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.
Business West's digital transformation
Business West is actively involved in the digitisation of international trade, through two innovative digital initiatives: e-ATA Carnets and Genesis project.
e-ATA Carnet pilot programme
The digitisation of the ATA Carnet system will be good news to temporary exporters, as it will simplify and expedite the paper and admin-heavy Carnet process.
Genesis
Genesis is a digital verification solution that verifies preferential origin statements on invoice declarations, reassuring both manufacturers and buyers of compliance and building upon the reputation of Chambers of Commerce as independent third parties.
To find out more about either of these digital initiatives contact our international trade team.
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