UK Digitalisation of Trade Finance: The New Law on Electronic Trade Documents

On 20 September 2023, the UK Electronic Trade Documents Act 2023 will enter into force. The Act provides legal status to electronic trade documents by making them equivalent to paper trade documents. In her analysis of the Act, Dr. Anna - Mari Antoniou examines what the Act does, why it is important, what it means in practice, perceived limitations, and previews the future under the Act. Many trade specialists are optimistic that the Act will usher in an era where electronic trade becomes commonplace, but the Act can only serve as an enabler for such practice. Consenting parties still need to agree to engage in electronic trade transactions. The issue now is whether implementation of the Act will inspire confidence among the stakeholders involved in trade to utilize electronic trade documents. The Act can facilitate; will electronic trade transactions flow?