Cross-Border Trade Paperwork To Be Reduced By E-Documents
Singapore’s parliament passed the Electronic Transactions Amendment Bill this Monday 1 February 2021. Under the Bill, Singapore will allow cross-border trade documents to be digitised as long as they meet certain requirements.
It is hoped that this will reduce paperwork and costs for cross-border trade.
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Trade and technology expert Bryan Tan of Pinsent Masons MPillay, the Singapore joint law venture between MPillay and Pinsent Masons, the law firm behind Out-Law, said: ”Singapore is an open, trade-dependent economy. The feeling is that the pandemic offers a chance to implement such innovative changes so that the economy is better placed after the pandemic than it was before it.”
The Bill will also bring Singapore in line with the United Nations Commission on International Trade Law (UNCITRAL) standards. read more
Source: Bryan Tan | Pinsent Masons