UK (Commonwealth Union)_ Commonwealth Law Ministers were urged to facilitate the transition to paperless trade by implementing legal reforms that grant digital trade documents the same legal validity as their paper counterparts. During the Commonwealth Law Ministers Meeting convened in Zanzibar, Tanzania, the Commonwealth Connectivity Agenda (CCA) presented its Working Group on Legal Reform and Digitalisation to ministers and senior legal officials.
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Ministers and officials were briefed by the Connectivity Agenda’s Business-to-Business Cluster on the objectives of the working group and the economic rationale behind embracing paperless trade. Chris Southworth, Secretary General of the International Chamber of Commerce (UK) and Co-Chair of the B2B Cluster, elucidated global trends towards paperless trade, citing examples from various Commonwealth nations. Additionally, Teddy Soobramanien, CEO of the COMESA Business Council and Co-Chair of the B2B Cluster, underscored the regional perspective, emphasizing the significance of transitioning to paperless trade across Africa.
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Niels Strazdins, a Trade Specialist with the CCA, highlighted the pivotal role of the Working Group and its anticipated impact on member states, projecting potential unlocking of up to US$1.2 trillion in additional Commonwealth trade through the adoption of paperless trade practices. According to research conducted by the CCA, this figure includes estimated savings of US$90 billion as a result of cost reductions due to digital processes, and an extra US$1.1 trillion in trade facilitated by enhanced access to finance. The Working Group on Legal Reform and Digitalisation was created in response to a mandate by Commonwealth Trade Ministers in June 2023. Its primary goal is to aid Commonwealth member states to move to paperless trade by coordinating efforts to eliminate legal barriers hindering the digitalization of commercial trade documents.
The group aims to offer resources, advocacy, technical support, policy recommendations, and information exchange mechanisms to support member states in handling the legal reforms essential for a seamless shift from paper-based to paperless trade. The CCA called upon all Commonwealth member states to actively engage with the Working Group and contribute to the promotion of Commonwealth-wide legal reforms aimed at unlocking the substantial economic potential associated with paperless trade.
