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Roadmap to Reform for Electronic Transferable Records

UK G7 Presidency, December 17, 2021


Contents

  1. Summary of domestic scoping exercises
  2. Clarifying scope
  3. Issue 1: Address domestic legal barriers
  4. Issue 2: Development of legal solutions
  5. Issue 3: Promote and support legal reform internationally
  6. Issue 4: Administrative procedures
  7. Issue 5: Bridge technical and interoperability issues
  8. Issue 6: Cooperate on cross cutting regulatory issues

Under Annex 4 on the Digital and Tech Trade Communique, the G7+ countries agreed to examine the legal barriers, and regulatory and technical issues that impede the adoption of electronic transferable records (eTR). As a result of domestic scoping exercises, and a G7+ wide expert meeting, the UK G7 Presidency has identified key issues for countries to consider in order to enable and increase industry adoption of electronic transferable records. The roadmap is not legally binding on G7+ countries, but represents the Presidency's view on the steps necessary for reform, based on G7+ discussions.

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Summary of domestic scoping exercises

A few G7+ countries have reformed their laws to recognise electronic transferable records, but in these jurisdictions industry adoption remains low. Moreover, these solutions show gaps either in coverage across national and subnational jurisdictions or in respect of the trade documents covered. For those G7+ who have not yet reformed their laws at all, there is work to do to identify the legal gaps that restrict use of electronic transferable records.

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Clarifying scope

All documents of title/transferable records relevant to international trade transactions, including bills of lading, promissory notes, bills of exchange, cheques, warehouse receipts and insurance certificates.[footnote 1]

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Issue 1: Address domestic legal barriers

Facilitating widespread adoption of eTR requires G7+ countries who have not updated their laws to undertake a comprehensive examination of legal gaps and enact legal reforms at national and sub-national levels, accordingly.

In addition:

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Issue 2: Development of legal solutions

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Issue 3: Promote and support legal reform internationally

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Issue 4: Administrative procedures

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Issue 5: Bridge technical and interoperability issues

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Issue 6: Cooperate on cross cutting regulatory issues

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Note

[1] 'Document of title' or 'transferable record' should be understood as equivalent to the definition of 'transferable document or instrument' under the Art.2 of the UNCITRAL MLETR.

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Source: United Kingdom Department for Digital, Culture, Media and Sport


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