Electronic Trade Documents – The Queen’s Speech to the State Opening of the UK Parliament

With an estimated 80% of trade documents governed by English law, yesterday’s announcement in the Queen’s Speech to the State Opening of the UK Parliament that the Electronic Trade Documents Bill will be part of the new laws to be voted on the upcoming session of Parliament, is more than one for the legal anoraks. Once passed, and there is no opposition to this win-win piece of legislation, digital bills of exchange, promissory notes, bills of lading and warehouse receipts will become a legal reality and advance the cause of trade digitisation way beyond the shores of Great Britain.

Getting to this stage has involved tremendous efforts by the Law Commission of England and Wales, ICC United Kingdom and ITFA. Now we start to commercialise with the ITFA DNI and TFDI initiatives providing powerful platforms to create, integrate and operationalise the new technologies for both the physical and financial #supplychains.

Details of the bill are contained on pages 45 and 46 of the Queen’s Speech 

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1074113/Lobby_Pack_10_May_2022.pdf