Join us for a high-profile discussion co-ordinated with AG Midgley and led by industry experts on the Electronic Trade Documents Act (ETDA) 2023 and its potential impact on our digital economic landscape.
The vision is clear; the Lord Mayor of the City of London, the Law Commission and the Treasury see the British economy's future as digital. A lot of work has gone on behind the scenes to enable this vision, not least passing ETDA, which has profound implications for trade and supply chains.
A first among our G20 partners, the ETDA provides the legislative framework for economic agents to use sophisticated digital technology, such as Distributed Ledgers, to speed up fiat currency payments and the transfer of title of goods. This legislation also means that for the first time, the courts of England and Wales have the authority to make decisions regarding these digital transactions, thereby assuring that they have legal effect.
The UK government estimates that construction is worth £115 billion, arbitration services £2.5 billion, and financial services £173.6 billion to the UK economy each year. To that end, the benefits of these new instruments for trade, economy and law have been tested in controlled conditions across shipping and construction by the International Chamber of Commerce, and the results can be read here.