Besides economic benefits, which include up to £224 billion in efficiency savings, adoption of such legislation may reduce the number of days needed for processing trade documents by up to 75%.
[9] Articles 8 and 9 MLETR provide functional equivalence rules, respectively, for the paper-based notions of "writing" and "signature".
The MLETR has been enacted in Bahrain,[12] in Belize,[13] in France,[14] in Kiribati,[15] in Paraguay,[16] in Papua New Guinea,[17] in Singapore,[18] in Timor-Leste,[19] in the United Kingdom,[20] and in the Abu Dhabi Global Market (ADGM), an International Financial Centre located in Abu Dhabi, United Arab Emirates.
[22] Singapore had conducted two public consultations prior to enactment, the first in March 2017[23] and the second in summer 2019, in the broader framework of the review of the Electronic Transactions Act.
Initially, this was done to facilitate the use of electronic bills of lading as recommended in a report by the law firm Clyde & Co and the ICC Banking Commission.
[27] MLETR adoption is now being actively promoted by the ICC Digital Standards Initiative (DSI), including as a manner to overcome the effects of the COVID-19 pandemic and to increase supply chain resilience.
ICC DSI offers also guidance on MLETR implementation, including technical standards and business practices.
[31] The G7 declarations have prompted the consideration of MLETR adoption in G7 member States, with significant impact: With respect to use in business practice, one provider has started offering issuance of electronic bills of lading based on Singapore law incorporating MLETR and approved by the International Group of P&I Club as of 1 July 2021.
[36] These electronic bills of lading issued under the law of Singapore and MLETR have been used for the first time to cover shipments from Australia to China.
[37] In Bahrain, an electronic check system has been launched based on MLETR provisions incorporated in Bahraini law.