Challenge background
Import and export processes are intricate, involving multiple stakeholders and minimal digitisation, leading to delays, friction and costs.
In September 2023, the UK Government introduced the Electronic Trade Documents Act to promote technology adoption, streamline trade, and foster growth. The Act focuses on granting electronic trade documents the same legal status as paper ones, requiring them to be stored securely for authentication. Digitalising trade documents could unlock £25 billion in economic growth by 2024 and save £224 billion in efficiency. The Act is projected to benefit the UK economy by £1.14 billion over a decade. The International Supply Chain Accelerator aims to tackle this digitalisation challenge by facilitating collaboration and funding for Electronic Trade Document Systems prototypes.
This is an opportunity to join the programme and be at the forefront of digital transformation.
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