A new law allowing shipping containers to be traded using digital documents, not paper ones, has been created after the Electronic Trade Documents Act received Royal Assent.
Existing laws dating back to the 1800s previously meant that exporters and importers have to use paper documents to transfer ownership of the goods they are shipping – creating a costly, inefficient and outdated way of working. The government estimates that the new law could generate a net benefit of £1.14 billion for the British economy over the next decade for UK businesses trading across the world.
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