Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
On 15 Feb 2023, DCSA members pledged to issue 50% of bills of lading (B/Ls) electronically by 2028 and 100% by 2030, aiming to cut costs and boost global trade.
The Bank of England reversed its plan to raise trade finance capital requirements from 20% to 50%, aligning with the EU approach but raising insurance-related requirements.
Argentine lawyer Jorge Riva highlights how ICC rules are already providing an adequate environment for accommodating electronic means and how intense work continues for expanded use of electronic credits.