As of the end of 2021, the ICC (International Chamber of Commerce) formed a digital legal reform advisory board that comprises industry, policy, and intergovernmental actors in the trade finance and global trade sector, intending to accelerate reforms needed to enable digital trade.
Launched under ICC’s DSI (Digital Standards Initiative) board, this Legal Reform Advisory Board, also known as the LRAB, is co-chaired by customs and logistics expert Valentina Mintah and Chris Southworth, Secretary-General of ICC UK. To date, the members of this board include noted associations like the following:
Having said that, 30 organizations in total have agreed to join the LRAB, but the entire list is yet to be announced by the board.
The main vision of forming the LRAB is to add up the reach and influence of each member and drive a digitalised and harmonized trade environment. As per Steven Beck, the head of trade and supply chain finance at ADB, narrowing the US$1.7tn trade finance gap is essential for digitalization, but without an enabling legal environment, it might be challenging. The LRAB is formed to accelerate the need for reform and scale the existing efforts made in that regard.
The Secretary-General, Chris Southworth, mentioned that he aims for the expected number of countries getting on board by 2022-23 to be upwards of 100. He also adds that the formation of the LRAB and everyone coming together under one roof would send a strong message to the global governments and policymakers about the seriousness of the industry about affecting legal reform.
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