Streamlining digitalization of trade documents could potentially save British companies £1.1 billion, placing the UK ahead of G7 nations and majority of the global community.

The Electronic Trade Documents Bill, an initiative aimed at streamlining trade and promoting sustainability, has cleared the Commons and is now set to return to the House of Lords for further consideration. This Bill, which follows recommendations from the Law Commission for England and Wales, is poised to bring significant changes to the way international trade is conducted in the UK.

Conservative MP Anthony Mangnall finds the Bill to be "extremely exciting" and "extremely welcome", while Shadow Minister Alex Davies-Jones supports it as a "long-overdue reform". The Bill is expected to improve overall efficiency for trade administration costs, according to Marco Forgione, the director general of the Institute of Export and International Trade.

One of the key advantages of the Electronic Trade Documents Bill is its potential to reduce the environmental cost associated with paper trade documents. The current reliance on paper documents is a significant environmental burden, and the proposed change in the law will allow for greater digitalisation of documents used in international trade.

Marco Forgione believes the Bill will have a "considerably positive impact" on costs, duration, and environmental impact of customs and border processes. The UK is expected to be ahead of G7 countries and almost the whole world due to this Bill, with businesses estimated to save £1.1 billion over the next 10 years.

The Bill is also seen as an important first step towards the future digitalisation of all trade. Minister for tech and the digital economy, Paul Scully, stated that the Bill will put the UK at the "forefront of international trade as thought leaders". The UK is setting an approach for digitalisation of trade documents that other jurisdictions may follow.

Peers in the House of Lords will have the chance to consider amendments made by the lower chamber. However, the current status of the Bill in the House of Lords is not explicitly known, with indications suggesting that it may still be in the preparation or early consultation phases rather than actively debated or near passage.

Despite this, the potential benefits of the Electronic Trade Documents Bill are clear. It represents a significant step towards a greener, more efficient, and more digitally-focused future for international trade in the UK.