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New partnership to boost paperless trade

[ October 30, 2023   //   ]

A partnership between Teesside University and the Centre for Digital Trade and Innovation has won investment for two trade digitisation projects.

One will establish a national facility to test the innovative use of data across ports, customs, finance and the private sector and the other will improve the transparency of trade in critical minerals.

The partners say that the Electronic Trade Documents Act has changed the game for world trade and finance innovation. The new law came into force on 20 September, instigated by the team at the Centre for Digital Trade and Innovation [C4DTI] and ICC United Kingdom. It enables companies to benefit from cheaper borrowing and lending, lower interest rates and faster over the border times with paperless transactions taking place in hours.

The Act is now in force, allowing companies using English, Singapore or US law to remove paper entirely, including 80% of bills of lading and, 60% of global trade finance.

Secretary general of the International Chamber of Commerce UK, Chris Southworth, said: “Historically, the processes that manage trade finance and the physical shipment of goods have been separate, slow and very bureaucratic. That is no longer the case. We aren’t just talking about digitalisation anymore – it is finally happening.”

Professor of Digital Innovation at Teesside University, Olugbenga Akinade, who is leading the two projects, said: “Digital trade for an economy of the size and scale of the UK’s is an entirely new concept.

“These two projects will play a major role in ascertaining what a successful digital trade system looks like.

“By utilising the trade infrastructure available within the Tees Valley and the expertise within Teesside University we will be able to develop models which could set the standard for UK trade in the future.”

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