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Currently, international trade relies on billions of paper documents and antiquated laws which date back to the sixteenth century. An ordinary trade transaction involves up to 27 documents, can take three months and can cost businesses up to £80,000 – creating an administrative nightmare and keeping costs unsustainably high for SMEs.
According to new research from International Chamber of Commerce (ICC), digitalising trade would drive SME growth and put a rocket under the economic recovery from Covid.
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