FIT Alliance calls for collaboration between shippers, freight forwarders and banks to promote adoption of electronic Bill of Lading

Future International Trade Alliance promotes adoption of the electronic Bill of Lading to facilitate the digital transformation of the global supply chain, highlighting stakeholder collaboration as key to widespread adoption. Importance of the eBL The eBL is central to the digital transformation of the global supply chain. Digital transmission considerably improves the speed and efficiency of data transfer, imporoving operational efficiency and reducing the need for manual handling and intervention. Given that paper-based Bills of Lading (B/Ls) can be easily forged or doctored, the eBL also considerably lowers the potential for human error and, in turn, contributes to a meaningful reduction in fraud. Importantly, eliminating the use of paper can also significantly lower emissions and reduce costs across the industry. Indeed, switching to an eBL could save an estimated 28,000 trees per year and reduce greenhouse gas (GHG) emissions by 32-86kg per end-to-end transaction. Meanwhile, according to a 2022 report by McKinsey, a universally adopted eBL could save the container shipping industry up to US$6.5 bn in documentation costs, as well as create over US$7 bn through reduced inventory and financing costs. It could also enable up to US$40 bn in new global trade volumes by reducing trade friction – particularly in emerging markets. Momentum is strong Recent experience has demonstrated that, for innovation and digitalisation to succeed, the industry itself must fully commit and lead by example. Working closely with its members, trade partners, and solution providers, the FIT Alliance is leading collaborative efforts to make digitalisation a reality across the supply chain. Driven by the wider supply chain and supported by solution providers – in addition to crucial stakeholders such as banks, freight forwarders, and shippers – this collective commitment to change represents a significant step forward in the industry’s journey. As a result, the shipping industry is experiencing an unparalleled push for digital transformation. Each of the FIT Alliance’s partners is leading initiatives to engage crucial stakeholders in driving eBL adoption, as well as stimulating