A consortium of industry and technical leaders, supported by government, business, and other major organizations, has successfully executed the world’s first entirely digitalised cross-border movement of goods.
UK Electronic Trade Documents Act (ETDA), which came into force on 20 September 2023. The consortium, facilitated by the British Chamber of Commerce in Singapore, used advanced distributed ledger technology to capture electronic trade documents and fully digital logistics documents on an enterprise-grade permissioned distributed ledger technology (DLT) platform across both jurisdictions.his initiative is built on the foundation set by the
Advancements such as ETDA hold notable significance as trade documents under English jurisdiction dominate global trade. The International Chamber of Commerce (ICC) has reported that approximately 80% of worldwide trade documents are anchored in English law.
The UK-Singapore Digital Economy Agreement has led to the first fully digitalised cross-border shipment of goods under the UK ETDA. This move demonstrates the potential of digital innovation and paves the way for further successes in trade digitalisation.
Demonstrable advantages delivered in this shipment:
- reduction in paperwork >85%
- reduction in logistics processing time >89%.
We are already working to expand this pilot across Southeast Asia and we will work with all partners to realise the benefits of paperless trade, which is great for both business efficiency and the environment.
… said Martin Kent, Trade Commissioner for Asia Pacific
The Electronic Trade Documents Act is a game changer in our efforts to bring trade into the 21st century. From 20 September 2023, every company using English law worldwide can remove paper from the transaction process and all the associated red tape and bureaucracy
… highlighted Chris Southworth, Secretary General, ICC United Kingdom
Singapore Airlines, NG Transport, Woodland Group, BT Rune, and EES Freight Services participated in the historic transfer. The entire process was paperless, with the aid of LogChain platform. LogChain’s platform aligned with the UNCITRAL’s Model Law on Electronic Transferable Records (MLETR), promoting policy coherence and harmonizing digital trading standards without causing hindrance to other parties involved in the transaction.
Andrew McKeown, CEO, LogChain claimed that this is a historic moment, not only for LogChain but for the global trade as a whole. He added that their successful digitalised shipment from the UK to Singapore marks a significant step towards a new era, one where efficiency, transparency and security are at the forefront.
The combined efforts of the various companies in this consortium through LogChain’s platform highlights our joint commitment to enhance standards (for transparency, efficiency and security) in global supply chains, and support for the transformative journey into the future of logistics.
… supplied Rodney Kinchington, Managing Director, BT Asia Pacific
Meanwhile, Heru Winata, Operations Director, EES Freight Services believes that improved technology will revolutionise age-old processes in freight forwarding, increase productivity across the supply chain, and most importantly, reduce costly mistakes and human errors.
At the origin of the shipment was Fort Vale, a frontrunner in the design and production of valves and fittings essential for the chemical logistics domain. Graham Blanchard, Global Sales & Marketing Director, Fort Vale stated that Fort Vale see the benefits of security, efficiency, cost savings and reduced risk of delays as real positives not only for our organisation, but as a contribution to frictionless trade between the UK and Singapore as a whole.
This achievement not only showcases the potential of digitalisation to make global trade more efficient and secure, but it also underscores SIA’s commitment to innovation and sustainability.
… commented Alexander Cornelius, Vice President of Cargo Operations and Services, Singapore Airlines
The private sector’s efforts were made possible by progressive trade agreements between the UK and Singapore governments, including the UK-Singapore Digital Economy Agreement, UK-Singapore Free Trade Agreement, and the Green Economy Framework. The initiative has revolutionized trade transactions, reducing paperwork and logistics processing time, and demonstrating the potential of trade digitalisation.
It is exciting to see the world’s first entirely digitalised cross-border shipment. We look forward to working with the consortium to support more companies to digitalise their supply chains.
… remarked David Kelly, Executive Director, British Chamber of Commerce Singapore
We are delighted to be part of this project, as part of our commitment to continued collaboration with key industry stakeholders, to innovate and adopt new processes and lead digital development that will create opportunity and deliver optimised and sustainable supply chain management.
… concluded Gavin Hogg, UK Air Export Product Manager, Woodland Group