Model Law on Electronic Transferable Records (MLETR)
On April 20, the EU – Georgia Business Council Executive Director Giorgi Kacharava took part in the event on Model Law on Electronic Transferable Records (MLETR)
co–hosted by The Asian Development Bank together with Georgia Revenue Services. He spoke about importance of digital trade and briefed participants about where Georgia stands with paperless trade and also, how country could benefit from an enhanced legislation and enabling recognition of electronic versions of certain key trade documents (such as bill of lading, warehouse receipts or promissory notes).
The Model Law on Electronic Transferable Records (MLETR), developed by the United Nations Commission on International Trade Law (UNCITRAL) and its adoption would improve domestic legal frameworks, create favorable conditions for the development of domestic and cross border e-commerce, enable optimization of business processes, reduce processing times, costs, among other benefits.