ADB, CAREC Secretariat, and PRC's Ministry of Commerce Convene Stakeholders on Digitalization of Trade Documents

On 28 August 2023, ADB’s Trade and Supply Chain Finance Program and its Law and Policy Reform Program, along with the Central Asia Regional Economic Cooperation (CAREC) Program Secretariat, and the People´s Republic of China (PRC) Ministry of Commerce gathered over 50 government officials and private sector representatives in Beijing to discuss potential legislation recognizing electronic trade documents aligned with United Nations Commission on International Trade Law's (UNCITRAL) Model Law on Electronic Transferable Records (MLETR). 

Discussions provided a picture of the current status of trade digitalization in the PRC and focused on a detailed overview of MLETR and its benefits. International experts shared their experience from jurisdictions which have aligned, or are in the process of aligning, their legislative framework to MLETR, including the United Kingdom, Singapore, and United States.

This is part of ADB’s effort to promote digitalized trade in close collaboration with the Digital Standard Initiative, co-founded by ADB, International Chamber of Commerce (ICC) and Enterprise Singapore, along with CAREC, in the context of its Integrated Trade Agenda 2030’s initiative to accelerate digital trade.