Did you know that an estimated 28.5 billion paper trade documents are printed and distributed across the globe every day?<\/p>\n
<\/p>\n
The Electronic Trade Documents Bill, introduced to parliament yesterday, aims to reduce this figure, as well as boost the UK\u2019s international trade, which is already valued at more than\u00a0\u00a31.4 trillion.<\/p>\n
What is changing?<\/strong><\/p>\n Currently, business documents such as bills of lading, ensuring that\u00a0exporters\u00a0receive payments and\u00a0importers\u00a0receive goods, must be paper-based.<\/p>\n However, under the Electronic Trade Documents Bill, digital trade documents will be put in the same legal position as their paper counterparts.<\/p>\n This will offer more choice and flexibility in how your business trades.<\/p>\n The Digital Container Shipping Association\u00a0approximates\u00a0that if 50 per cent of the container shipping industry implements digital bills of lading, businesses across the globe will save around \u00a33.6 billion annually.<\/p>\n What are the benefits?<\/strong><\/p>\n In the UK, utilising electronic trade documents is anticipated to boost business by \u00a31.14 billion over ten years.<\/p>\n Not only that, but administration fees and contract processing times will reduce significantly.<\/p>\n Additionally, The International Chamber of Commerce estimates that SMEs could see a 13 per cent rise in international trade.<\/p>\n Digital Secretary, Michelle Donelan, commented on the proposals:<\/p>\n \u201cOur digital-first plans will make it easier for the country\u2019s firms to buy and sell around the world – driving growth, supercharging our economy, cutting carbon and boosting productivity.<\/p>\n \u201cWe want to support businesses by cutting red tape and allowing them to sell their goods and products globally without burdensome bureaucracy.\u201d<\/p>\n Looking for business help and advice? Contact our team today.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Did you know that an estimated 28.5 billion paper trade documents are printed and distributed across the globe every day?<\/p>\n","protected":false},"author":2,"featured_media":4893,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,125,31],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4891"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=4891"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4891\/revisions"}],"predecessor-version":[{"id":4892,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4891\/revisions\/4892"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media\/4893"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=4891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=4891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=4891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}