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G7 Digital and Technology Track – Annex 4:
Framework for G7 Collaboration on Electronic Transferable Records

G7 Digital and Technology Ministers, April 28, 2021

See also
Ministerial Declaration
Annex 1: Framework for G7 Collaboration on Digital Technical Standards
Annex 2: A G7 Roadmap for Cooperation on Data Free Flow with Trust
Annex 3: G7 Internet Safety Principles

Legal barriers, and regulatory and technical issues, impede the adoption of electronic transferable records. Given that network effects underpin the benefits of electronic transferable records, a multilateral approach is needed to coordinate reforms to address these impediments.

It is our shared view that by enabling businesses to use electronic transferable records we will generate efficiencies such as in time, security or data processing, as well as economic savings. This will strengthen the resilience of our global economic system and play a crucial role in trade recovery across the G7.

To this end, the G7 will initiate a dialogue between experts to work to achieve compatible domestic reforms, and provide collective support to other international initiatives seeking to facilitate the adoption of electronic transferable records, with an aim of enabling commercial operators to adopt these digital solutions for the shipment of goods and trade finance.

As part of this we will engage in domestic scoping exercises until October 2021 to:

The G7 experts will convene in October 2021 to discuss returns of our domestic scoping exercises, and to establish a comprehensive framework for G7 collaboration on electronic transferable records. According to the results of this exercise, we will take the following steps:

  1. Address Domestic Legal Barriers
  2. Promote and Support Legal Reform Internationally
  3. Bridge Technical and Interoperability Issues
  4. Cooperate on Cross-cutting Regulatory Issues

[ 1] For greater certainty, "all transferable records" is not intended to apply to securities and other investment instruments.

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Source: Official website of the 2021 UK G7 Presidency

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