Podcast: Electronic Trade Documents Act 2023 - perspectives part 1
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The Electronic Trade Documents Act 2023 has the potential to transform trade finance by solving a piece of the puzzle that will permit market participants to ditch paper trade documentation and move to digital. It is still early days for this legislation, and making the most of the opportunity it provides will require collaboration across all players in the industry.
Catherine Lang-Anderson, a partner at Allen & Overy, hosts a panel of experts from the Law Commission, Lloyds Bank and current Fuse cohort member, Enigio, a tech company offering digital solutions for trade finance.
Professor Sarah Green, the Law Commissioner for Commercial and Common Law at the Law Commission of England and Wales, has been instrumental in the legal developments around the digitalisation of trade. Joined by Rogier Van Lammeren, Managing Director, Head of Trade & Working Capital Products at Lloyds Bank, and Alex Waites, Executive Director at Enigio, together they discuss the background, rationale and implications of the Act, which gives digital documents the same legal recognition under English law as paper documents. They also explore the concepts of electronic trade documents and reliable systems under the Act, and how the Act will benefit businesses, especially SMEs, by reducing costs, risks and inefficiencies in trade transactions.
This is part one of a two-part series, so stay tuned for the next episode, where the panel will delve into more practical aspects of complying with the new law and what's next for the industry.