The UK-Australia free trade agreement was groundbreaking. It was the first FTA to be tailored rather than rolled over from a prior EU agreement. It included clauses designed to ensure digital trade could be harnessed without managing around unnecessary red tape. Both governments agreed to accept electronic contracts and signatures, electronic invoicing, and ultimately paperless trade. And it guarantees that both the UK and Australia will have measures in place to protect consumers. It truly promises cross-border e-commerce without obstacles.
A Gateway to the Asia-Pacific Region
The FTA and digital partnership provide a gateway to the entire Asia-Pacific region. It comes as no surprise, therefore, that our retrospective UK and Australian governments are keen to find working solutions. Whilst there are many involved in working pilots, one of our member companies has been invited to showcase their progress to representatives of the UK Government and the Foreign Commonwealth and Development Office (FCDO). Global Commerce Navigators are happy to share Jointine’s experience with our members.
Jane Smith, MD of Jointine tells us that they have collaborated with Boex, and they can issue digital documents to their overseas customers without exchanging numerous emails, or physical paper documents with wet signatures. It saves time and reduces costs. And the platform has recently developed to integrate seamlessly with select accounting software.
Straightforward Identification
Boex’s platform makes identification straightforward and secure: each business simply confirms a legal representative. From there, the businesses can collaborate on a trade in the form of a legally binding Bill of Exchange, all handled electronically. Both parties can view documents in real time, and the built-in ‘notify parties’ feature keeps everyone in the supply chain, such as customs agents or transport providers, updated at each relevant stage of the transaction.
Proof of the pudding
The real proof of concept is that this has created a legal document which can be used to obtain funding and financing at the outset. Businesses, SMEs particularly, can begin to expand quicker, with less risk, and minimal gap in the finance chain. This has attracted the attention of the Department of Business and Trade, and they have been invited to become a digital trade pilot between the UK and Australian governments.
If you have any questions about digital trade, please let us know and we’d be happy to answer them.
