Great initiative launched by the French government.
Very honoured to receive this mission dedicated to the digitization of the international #trade finance operations. This new initiative is part of the international initiatives that are underway to facilitate the legal use of electronic documents in international trade.
The Model Law on Electronic Transferable Records (#MLETR), adopted by the United Nations Commission on International Trade Law in 2017 identifies the principles and rules necessary for equivalence between documents paper and electronic. In May 2022, the G7 also affirmed their desire to promote the use of electronic transferable documents to enhance the effectiveness and efficiency of global trade.
Our Paris EUROPLACE Working Group launched this year with the strong support of ICC France, has been asked to highlight the main technical and legal obstacles to the adoption of the MLETR in French law and propose, based on an in-depth comparative law analysis, legislative and regulatory changes likely to promote the adoption of a favorable legal framework to the digitization of the sector. The mission will work closely with the administrations concerned.
We have already carried out consultations with the players concerned and we welcome every useful contribution from stakeholders related to trade finance (corporates, shipping & logitics, certifiers, central administrations, banks, insurance companies, fintechs, supervisors, etc.) to measure the obstacles caused by the lack of dematerialization of documents and identify expectations from the main actors involved;