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

Digitalization of global trade would boost productivity, drive transparency, and help create the jobs and growth that support development. It requires a harmonized legal framework enabling the use of key trade documents in electronic form.Highlighting how the $25.3 trillion global physical goods trade is largely paper based, this brief explains how the Model Law on Electronic Transferable Records (MLETR) by UNCITRAL can address this imperative, while reducing costs and improving efficiency, and make supply chains more efficient, transparent, and resilient. The brief points to growing momentum towards digitalization and shows how ADB is supporting some of its developing member countries as they look to align with MLETR. This brief is a call to action for governments, policymakers, and other stakeholders to help mobilize global efforts to digitalize global trade.