UK Businesses Support Britain’s Plan for Digital Trade Borders
UK businesses have given a thumbs up to incoming changes set to digitalise Britain’s trade borders and make the UK the third country in the world able to accept electronic trade documents.
This move will take the UK a further step towards having a digital border system that is important for the improvement of the efficiency and sustainability of international trade for generations to come.
Research from a recent poll, commissioned by The Institute of Export and International Trade (IOE&IT) finds that the majority of UK businesses welcome this move to digital trade.
The poll finds that 75% of businesses who attended a recent IOE&IT event on the Electronic Trade Documents Act (ETDA) believe it will have a positive impact on their business, 29% of which feel it will have a ‘very positive impact’. A quarter say it will have a neutral impact – and, significantly, none believe it will have a negative impact on their business.
The ETDA came into force on 20th September, and allows for key trade documents, such as bills of lading and bills of exchange, to be accepted in both paper and electronic format at the border and allowing for a streamlined process of the movement of goods.