UK and Thailand Partnership Seeks to Improve Trading Environment

of UK Digital Trade and Innovation Center (C4DTI) is Electronic Trade Development Authority (ETDA). The organization aims to improve the trade environment between the UK and Thailand.

A new partnership project between C4DTI and ETDA aims to provide a cheaper, faster, easier and more sustainable trading environment between the UK and Thailand. This project Foreign Affairs and Federal Development Agency.

C4DTI provides technical assistance to Thailand. The UK Center supports the removal of legal barriers and alignment with national law. United Nations Model Law on Electronic Transferable Records.

The move hopes to allow business documents to be processed digitally. Paperless trading system. If the project is successful, it will enable small businesses to trade at lower costs. Eliminate inefficient paper-based processes and expedite trade transactions by going paperless.

ICC and federal research estimate that the legislative change could result in up to $9 trillion in trade growth across the G7. Due to the reform, trade transaction costs will also be reduced by 80% for him. Benefits include a 75% reduction in processing time and a 50% reduction in trade finance gaps.

Overall, the existing system allows up to 27 paper documents in a transaction. It can take up to three months for the system to process all the documents, but with digitization it should be done in a few hours.

British and Thai trade

The project Center for Applied Sustainable Transition Law (castle). CATL provides legal expertise and project facilitation.

chris southworth,executive director ICC In the UK, we commented on partnerships. he said: The project will help coordinate efforts across government and the private sector to accelerate digital transformation across the trading system. ”

Mark Gooding OBE, His Majesty’s Ambassador Extraordinary and Plenipotentiary of Thailand also discussed the importance of this project. We also want to make international transactions more efficient, accessible, affordable and greener through digitization. This will also play a key role in putting the UK and Thailand at the forefront of global efforts to promote inclusive economic growth through digital trade. “

Dr. Sak SegkhoonthodETDA Advisor and Acting Deputy Executive Director also commented. Segkhoonthod said: It is also an opportunity to exchange views on the importance of the digital trade economy at home and abroad. Finding recommended solutions together will increase economic value and make countries more competitive to keep up with the changing world. “

Leave a Reply

Your email address will not be published. Required fields are marked *