Moving from a paper-based Import/Export platform to a digitised economy will mean many changes for UK businesses.
The UK government is providing for a trade solution which will bring productivity and cost savings to all businesses involved in international trade. The Electronic Trade Document bill looks to be enacted by early 2023.
The Single Trade Window (STW) will provide a way of streamlining and improving the current, semi-manual systems in place. This will significantly reduce duplication – for example, traders will not have to produce standalone documents only to re-scan those same documents into PDF files that are then uploaded or sent via other platforms.
It requires that all information on a particular trade are shared with the many actors involved in moving goods across international borders. Companies may also need to obtain a customs authorisation from HMRC.
What is the scope of the STW?
- The aim of the STW is to make border processing of freight up to 90% faster and to achieve at least a 50% reduction in costs associated with current international trade practices
- The UK is taking the best of current STW systems in operation today such as those run in Singapore, Kenya for example
- STW will link together on one logon HMRC, DEFRA, Home office , ECJU, Traders, Freight Forwarders and Customs Agents through blockchain enabled technology
Your questions about the Single Trade Window answered!
We are regularly asked about the future digitalisation of importing and exporting. Here are a few of the most common questions:
It is expected to be implemented within the next 5 years
Yes, no matter how big or small
Speak to your specialist at International Trade Matters. We’re here to help! We are currently involved in advising on how documents and processes can be made user-friendly.
If you have another question or wish to find out more about STW, get in touch today on +44 (0) 333 7722 565 or fill in the contact form below: