In our latest quarterly issue: eB/L uptake ramps up in global iron ore trade, industry calls to accelerate legal reforms around using eDocs, digitalization as a means of building trust & transparency in the wake of recent high-profile trade finance fraud cases + much more! + SUBSCRIBE

Industry News & Views

eB/Ls are already transforming iron ore trade: BHP, Rio Tinto, Vale, and Anglo American grew the amount of iron ore carried on eB/Ls by 80% from 2021 to 2022, while collectively, eB/Ls now account for more than 20% of their annual iron ore trade volumes (source: BIMCO). + READ MORE

ICC releases eUCP version 2.1, to align with MLETR: ICC releases the eUCP v2.1, to align the Uniform Customs and Practice for Documentary Credits for Electronic Presentation (eUCP) with the UNCITRAL Model Law on Electronic Transferable Records (MLETR) (source: ICC). + READ MORE

For Global Trade to Survive, It Needs an Overhaul: ADB's Steven Beck shares thoughts on why governments and the private sector must address weaknesses in global trade chains, starting with replacing paper docs such as B/Ls with electronic equivalents (source: ADB). + READ MORE

Highlights from UNCTAD’s Global Trade Update: According to UNCTAD’s latest update (released June 2023), global trade rebounded in Q1, but the outlook for the rest of 2023 remains pessimistic due to inflation, the war in Ukraine, and other factors (source: UNCTAD). + READ MORE

5 tips to help avoid metal frauds: HFW’s Adam Richardson shares 5 key tips to mitigate fraud in metals commodity trade & finance, including using digital documentation instead of paper, wherever and whenever possible (source: TFG). + READ MORE

The world’s trading system needs to ditch its paper trail: ICC UK Secretary General, Chris Southworth, on the imperative for the global trade community to go paperless, outlining key legal & regulatory developments which are set to revolutionize the industry (source: FT). + READ MORE

From paper to golden sources: how digitalisation can create a more secure shipping industry: MonetaGo COO, Oswald Kuyler, on how ‘golden' data sources (such as BIMCO’s eB/L standard) play a key role in building trust & transparency in shipping (source: BIMCO). + READ MORE

2023 Commonwealth Trade Ministers Meeting Paves Way for Inclusive & Sustainable Digital Transition: As member stats agree to establish a Legal Reform & Digitalisation Working Group to assist countries' transition to paperless (source: thecommonwealth.org). + READ MORE

Digital certification makes cocoa traders in Côte d'Ivoire more competitive: The world's largest cocoa producer recently introduced ePhyto Certificates, and is already benefiting from lower trade costs which enhance its trade competitiveness (source: Wolrd Bank Blogs). + READ MORE

MLETR: The snowball effect of digital trade: Emirates NBD Group’s Vishnu Purohit shares his views on why the MLETR is poised to transform the trade finance industry by providing an open legal framework for digitising trade documentation (source: TFG). + READ MORE

Of Bytes and Trade: Quantifying the Impact of Digitalisation on Trade: Recent OECD policy paper measures the impact of digitalization on trade, exploring how digital connectivity & digital trade policies play a key role in reducing trade costs and spurring growth (source: OECD). + READ MORE

RCEP – a boon or a bust for sustainable trade?: GTR’s Eleanor Wragg explores how the world's largest trade agreement, the Regional Comprehensive Economic Partnership (RCEP), does not contain provisions on topics such as the environment or labour rights (source: GTR). + READ MORE

Global Alliance for Trade Facilitation streamlines international trade: Outlining the ongoing work of the Global Alliance for Trade Facilitation, an organization supporting developing countries in implementing the WTO's Trade Facilitation Agreement (TFA) (source: WEF). + READ MORE

ICE Digital Trade News

Hydro expands its journey to paperless trade: Recently completing a series of eB/L shipments with third-party buyers in the USA and Iceland, and now working towards using eDocs for all export shipments out of its Alunorte alumina refinery in Brazil. + READ MORE

Idemitsu Australia goes live with eB/Ls in paperless transaction involving European Customer: Recently completing its inaugural paperless trade transaction, acting as shipper for bulk coal export from Newcastle, Australia to Europe. + READ MORE

ICE Digital Trade in Numbers