The Government is poised to overhaul ‘horrifically archaic’ trade laws requiring global shippers to use paper documents, The Mail on Sunday can reveal.
Sources said the Department for Digital, Culture, Media & Sport had submitted proposals for legislation on electronic trade documents to be included in next month’s Queen’s Speech.
‘Archaic’: Under laws that date back to 1882, firms shipping goods into and out of the country must exchange physical documents
Under laws that date back to 1882, firms shipping goods into and out of the country must exchange physical documents, from invoices to bills confirming goods have been shipped. These are typically flown across the globe.
The Law Commission, which reviews English law, has drafted legislation to form the basis for new laws.
The International Chamber of Commerce estimates digitising trade documents could generate £25billion in economic growth by 2024, and savings of £224billion.
Its secretary general Chris Southworth said: ‘Oceans of documents are needlessly flown across the world. It’s horrifically archaic.’
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