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The Electronic Trade Documents Bill, which intends to convert trade sector documents from paper-based to electronic-based, was passed Wednesday in the House of Lords of the United Kingdom Parliament, as per CityAM UK.
According to the research, the law will result in a significant transformation in the documentation of the United Kingdom’s trade business, since it allows for the digitalization of trade papers within the industry. This will assist in reducing the industry’s dependency on paper.
Once fully implemented, the measure developed by the Commission will make the United Kingdom the first country to embrace a full-fledged electronic documentation policy.