Publication of ICC Uniform Rules for Digital Trade Transactions (URDTT) Paper
ICC Uniform Rules for Digital Trade Transactions (URDTT) and the UK Law Commission Report and Bill on Electronic Trade Documents
The announcement of the Electronic Trade Documents Bill in the Queen's Speech in May paves the way for commercial trade documents to be handled in digital form.
The ICC Centre for Digital Trade & Innovation has produced a paper which explains how the ICC Uniform Rules for Digital Trade Transactions (URDTT) are compatible with the proposed UK Electronic Trade Documents Bill.
Written by David Meynell, ICC Digital Rules Advisor, the paper details how the recently published Uniform Rules for Digital Trade Transactions provide the essential guidance to ensure the UK can take full advantage of trade digitisation.
As stated by the Law Commission of England and Wales, despite the size and sophistication of the global trade market, many of its processes, and the laws underlying them, are based on practices developed by merchants hundreds of years ago, with most documents used in international trade still in paper form.
The intent of this paper is to explain how the ICC Uniform Rules for Digital Trade Transactions (URDTT) are compatible with the proposed legislative changes in England and Wales with regard to the use of possessable electronic trade documents as set in the Law Commission’s recommendations.
Download the full paper here
Thank you to GTR’s Eleanor Wragg for her insightful article, Building the framework for digital trade with URDTT: https://www.gtreview.com/news/fintech/analysis-building-the-framework-for-digital-trade-with-urdtt/#.YrMstrhd35M.linkedin
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