In the wake of the ICC Uniform Rules for Digital Trade Transactions (URDTT) due to publish next month in October, we explore the meaning of a digital trade transaction – underlying assumptions, regulatory framework and future expectations.
The District Export Council of San Diego and Imperial Valley (SDIDEC) has sponsored the first workspace for ICC eRules guidelines for digital trade transactions.
The International Chamber of Commerce (ICC) Banking Commission recently announced a single Steering Committee for its work on trade, supply chain and export finance, comprising one Chair and 12 Vice-Chairs.
Owing to the pandemic, eUCP Version 2.0 and eURC Version 1.0 rules created by the ICC have received increased interest over the past few months. There is a growing realisation by practitioners that paper documents are causing delays and disruption.
The Covid-19 pandemic is accelerating trends and technologies that came online before January 2020 and were just getting traction.
ICC has taken the lead to keep trade moving during the Covid-19 pandemic by publishing the eUCP and eURC eRules guidelines for faster and efficient trade transactions.
To advance trade finance’s digital transformation, financial institutions and technology providers alike are ramping up efforts to cooperate through a number of consortiums. But, to ensure these various initiatives do not create a cluster of “digital islands”, a more joined-up approach is required.
The International Chamber of Commerce (ICC) announced that it has accelerated attempts to digitalise of trade finance by releasing two new sets of enhanced rules, Uniform Customs and Practise for Documentary Credits (eUCP) and Uniform Rules for Collections (eURC 522).