UK trade digitalisation act to add £1.14 bn to economy in 10 years

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have to use paper documents to transfer ownership of the goods they are shipping, creating a costly, inefficient and outdated way of working.

Both big and small UK businesses have been calling for paperless trades for decades, especially as the development of electronic document technologies has become increasingly feasible for the industry.

With less chance of sensitive paper documents being lost, and stronger safeguards through the use of technology, digitalising trade documents is also set to give businesses that trade internationally greater security and peace of mind.

“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,” Paul Scully, minister for tech and digital economy, said. 

“This new act will make it easier for businesses to trade efficiently with each other, cutting costs and growing the UK economy by billions over time. It's exciting to see the power of technology being harnessed to benefit all industries, reduce paper waste and modernise our trading laws,” minister for international trade Nigel Huddleston was quoted as saying in an official release.

Currently it can take days to transfer documents of title; with digital trade documents, that will melt into minutes, the release added.

ALCHEMPro News Desk (DS)