UK includes blockchain in US FTA agenda

Legislation | | MIC Customs Solutions |

The UK wants smaller firms in particular to have digital technology behind them when they trade with the US under a new agreement.

Demonstrating the importance of digital trading in the 21st century, the UK has included blockchain and its potential to assist smaller businesses as part of the country's agenda for a free trade agreement with the US.

Britain's Department for International Trade recently published an outline of what it hopes to achieve in terms of a deal with its long-term ally - and there is a dedicated chapter on small to medium-sized enterprises.

Since around two-thirds of UK services trade with the US is delivered remotely, the agenda states the government hopes to see provisions that will "maximise opportunities for digital trade across all sectors of the economy".

"We have the opportunity to help shape global rules through ambitious digital trade provisions," it adds.

Blockchain is becoming ever more popular as a method of streamlining trade and improving operations for those trading between nations. 

For example, Brazil is now using it in a pilot scheme as part of its customs procedures, while a 2018 World Trade Organisation report suggested it could become the future of trade infrastructure and generate trillions of dollars by 2030.