Businesses see processing times slashed in groundbreaking trial
Businesses see processing times slashed in groundbreaking new trial
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NewÌýpaperlessÌýsystemsÌýshown to significantly reduceÌýprocessing times, withÌýstepsÌýthat often take daysÌýcompleted inÌýan hourÌýunderÌýpilot conditionsÌý
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UKÌýexportersÌýcould see lower costs andÌýfaster access to globalÌýmarkets thanksÌýto the innovative techÌý
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UK-JapanÌýprogrammeÌýcomplementsÌýschemesÌýlaunchedÌýwithÌýGermanyÌýand FranceÌý
AÌýpioneeringÌýscheme toÌýspeed upÌýgoodsÌýexportsÌýbyÌýgoing digitalÌýhasÌýdemonstratedÌýthe potential to significantlyÌýcutÌýprocessingÌýtimesÌýfor key trade documents.ÌýÌý
TheÌýresultsÌýof theÌýDBT-led pilot, carried outÌýwithÌýcompaniesÌýtrading between theÌýUKÌýand Japan,ÌýunderscoreÌýtheÌýhuge potentialÌýbenefitsÌýof usingÌýdigitalÌýtechnologyÌýtoÌýspeed up global trade.ÌýÌý
UKÌýbusinessesÌýtaking partÌýsawÌýcost savings fromÌýeliminatingÌýpaper-based shipping documents,Ìýreduced administrative burdens through faster, automatedÌýprocesses, and greater efficiency acrossÌýtheirÌýsupply chains.ÌýÌý
UnderÌýtheÌýpilot,ÌýdocumentaryÌýcredit checks performed by banksÌý-Ìýwhich commonly takeÌýupÌýto tenÌýdaysÌý-ÌýwereÌýreduced to justÌýone hour,Ìýpaving the way for wider rollouts of the technologyÌýandÌýcomplementing the UK’s digital trade corridorÌýprogramme also underÌýway with France and Germany.Ìý
Last month, the British Embassy Tokyo and the Department for Business and Trade brought togetherÌýmore thanÌý50ÌýJapanese industry leadersÌýandÌýrepresentativesÌýat an event marking theÌýpublicationÌýofÌýreports,ÌýÌýhighlightingÌýthe benefitsÌýand opportunitiesÌýof digitalÌýtrade.Ìý
Minister for the Digital Economy Liz Lloyd said:Ìý
This pilot shows how digital trade can deliver real, tangible benefits forÌýUKÌýexportersÌý- helping businesses move goods faster and with greater confidence.Ìý
By working closely with partners inÌýJapan, andÌýcomplementing ourÌýpromising digital trade corridors with France and Germany, theÌýUKÌýis demonstrating global leadership in making trade cheaper, faster and more secure through innovation.
Professor David Hughes, Coordinator of the Digital Trade Testbed at Teesside University, said:ÌýÌý
It’sÌýexciting to see how quickly these foundational building blocks are coming together.ÌýÌý
What matters now is turning successful demonstrations into repeatable, day-to-dayÌýprocesses so businesses of all sizes can scale, trade with confidence, and realise the benefits of digital trade across the UK–Japan corridor.
Trade digitalisation has significant potential for businesses, making trade cheaper,ÌýfasterÌýand more secure by replacing paperÌýprocesses with secure, legally recognised, digital documentation.Ìý
TheÌýUKÌýcontinues to press on as a global leader inÌýthe sector, with global digital trade firmÌýLogChain havingÌýrelocatedÌýits headquartersÌýfromÌýSingapore to Liverpool earlier this year.
You can read the full reportsÌýbelow:ÌýÌý
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