The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
Alignment between UK Electronic Trade Documents Act 2023 and MLETR. Criteria for electronic trade document reliability, the Act's impact on eUCP, and systems for digitising trade.
The evolution from traditional paper Bills of Lading to electronic formats, detailed in ICC Opinion TA.929, reflects a seismic shift; as eB/Ls gain traction through digital platforms like Bolero and pioneering blockchain technology, legal recognition and harmonization lag.
Lloyds Bank executes the first digital trade transaction using Enigio's trace:original platform on the day the UK Electronic Trade Documents Act (UK ETDA) went into effect.
Asian Development Bank and partners organized an event in Beijing advocating for MLETR adoption in China, addressing challenges posed by fragmented legislation, and highlighting rapid growth in electronic transactions.
Despite advancements, eUCP has limited use, especially in China. The article discusses the challenges of electronic presentation and underscores the importance of recognizing electronic records on par with paper documents in LC transactions.
