G7 legal reforms will deliver trillions in trade growth and cost savings for business

On 20 October, we will be publishing 3 more business cases/reports to make the case for legal reform and the digitalisation of the trade ecosystem – covering the G7, Germany, UK. We will be calling upon the G7 to ramp up efforts to implement reforms ahead of the G7 report back later in the month.

In the G7 report, we have added data covering several other economies – China, Netherlands and Spain. The German report will provide very specific guidance to the German government on what needs to done to amend German law and enable industry to use trade documentation in digital form. In the UK report we will provide more analysis on the benefits of the Electronic Trade Documents Act coming into force in 2022 and analysis on use of legal entity identification, another key building block to successful digital trade.

The findings will be staggering – more evidence of a colossal opportunity to dramatically slash trade transaction costs and bureaucracy and generate trillions in trade growth.

To find out more on all the latest insights and developments and engage with leading influencers and decision makers, come and join us on 20 October where we will be hosting 3 events at ICC International Trade and Prosperity Week:

1.????Digital Trade within Africa – Infrastructural Challenges, Regulatory Issues, Development of Quality Manufacturing and the Role of Digital Trade

2.????2022; The Roadmap to Legal Harmonisation

3.????Connecting the Trade Ecosystem

?You can register at https://www.iccwboconference.uk and follow us at #ICCITPW21

On 14 November, we will then publish a practical guide on how to implement legal reform pulling together everything we have learnt over the last 4 years and share lessons at our final digital event of 2021 with UNCITRAL and the G7 team. If you’d like to join us for this event, please contact [email protected]

Digitalising the trade ecosystem is, in my view, the largest transformation programme in world trade. By the end of the year, we will have done our bit to champion the agenda and building as much momentum as we can to make it a reality:

• ?secure a G7 commitment to legal harmonisation
• provide a strong evidence base making the case for legal reform
• support The Commonwealth’s efforts to promote legal reform
• provide a practical guide on how to implement legal reform
• raise the profile of the ICC Digital Standards Initiative ?
• prepare the ground to continue the momentum through G7 Germany