Driving Digitalization of Global Trade: UNCITRAL Model Law on Electronic Transferable Records

This article highlights how trading of physical goods globally, worth a massive $25.3 trillion, still relies heavily on paperwork. The article also explains how Model Law on Electronic Transferable Records (MLETR) by UNCITRAL, can help make the process more efficient, cost effective, and transparent. The article points out that there is a growing trend towards using trade digitalization and mentions how Asian Development Bank (ADB) is helping countries in adopting this approach. It's a call for governments and the industry to collaborate and actively promote digitalization for global trade through initiatives like TradeTrust.

See the full article on ADB's official website.