Momentous step forward with G7’s commitment to adopt electronic transferable records in international trade transactions
“Industry now have 12 to 18 months to prepare, because once those legal barriers are removed, the market is going to move extremely quickly because as the business case sets out, the economic driver is enormous”
Businesses urged to go digital now
A new commitment made by G7 digital and technology ministers to adopt electronic transferable records in international trade transactions has been hailed as a “momentous step forward” for trade digitisation, and businesses are being called upon to get ready for digital trade now – or risk being left behind.
Chris Southworth, secretary general of the ICC’s UK chapter, tells GTR “Ultimately, what we are trying to do here is create a global trading system that is simpler and easier to navigate, that costs less to participate, and that is more inclusive, so we get more companies participating in the system. The way we do that is through legal reform to harmonise our legal systems and by establishing interoperable industry standards to join up all the fragmented systems across digital trade,” he says.
“The banks, insurers and others will likely move fast to capitalise on the efficiency gains and the technology providers who are already in the market will swoop in as well, so if companies are not prepared, they are going to get left behind, and those that have prepared are going to have a huge competitive advantage and be able to sweep away all the bureaucracy and costs that are dragging on everyone’s businesses.”
Read the full article at gtreview.com
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