New law allows containers to be shipped using digital documents

The  change is estimated to add over £1 billion to the British economy over the next decade by making trade more straightforward, efficient and sustainable.

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

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 International Chamber of Commerce estimates 80% of trade documents around the world are based on English law, and this Bill serves as the cornerstone to truly digitalising international trade

With English law being the foundation of international trade, this Act puts the UK ahead  of not only other G7 countries, but almost all other countries

The UK is widely seen as a leader in digital trade and is setting out an approach which the rest of the world will seek to follow.