The International Chamber of Commerce (ICC) is urging governments to implement laws recognising electronic trade documents and reduce regulatory differences between markets, arguing that fragmented digital rules are preventing smaller businesses from fully benefiting from cross-border commerce.
John Denton, the ICC’s secretary-general, said governments have made political commitments to recognise electronic transferable records, including bills of lading, but implementation remains uneven.
Without legal recognition, businesses cannot always rely on digital documents in the same way they can on paper records, limiting their practical value in trade transactions, Denton said during a panel at the 2026 World Bank Group and International Monetary Fund Annual Meetings.
The ICC has developed a Model Law on Electronic Transferable Records to help countries establish the legal basis for using such documents, he said. Denton called on policymakers to translate existing commitments into domestic legislation and put the framework into operation.
“Digital sovereignty should not mean closing your borders,” Denton said, arguing that governments can retain control over their digital policies while agreeing on common standards that make cross-border business easier.
The issue is particularly important for micro, small and medium-sized enterprises, which often lack the legal, administrative and financial resources available to larger companies. When documentation requirements differ between countries, smaller firms can face additional compliance costs and delays that make international trade more difficult.
Denton said the emergence of “digital islands”, where systems and rules operate independently without sufficient connectivity or mutual recognition, risks limiting the economic benefits of digitalisation.
He called for greater harmonisation and mutual recognition of digital tools rather than attempting to achieve complete regulatory integration across markets.
The panel also identified data-sharing restrictions as a barrier to expanding small-business finance across borders. David Arana, chief executive officer of Mexican fintech Konfío, said making data accessible across markets could reduce the cost of serving customers and assessing credit risk.
Chris Wehbe, chief executive officer of British fintech Lendable, said differences in reporting standards and the way financial institutions evaluate risk make it difficult to scale lending portfolios internationally. Consistent terminology, comparable performance data and structures that allow investors to diversify assets across markets would help make small-business lending more attractive to institutional capital, he said.
These issues connect digital trade policy with access to finance. When businesses can use recognised electronic records and generate reliable transaction histories, they may be better positioned to demonstrate commercial activity to lenders. But the benefits depend on whether other institutions and jurisdictions can accept and verify that information.
Anantha Nageswaran, chief economic adviser to the Indian government, said delayed payments from large buyers remain a major constraint on small businesses. He also identified compliance burdens and gaps in management skills as obstacles to their growth.
The panel’s recommendations therefore extended beyond digital documentation to the broader business environment. Faster payment practices, simpler regulations and stronger data-sharing arrangements could help smaller firms manage working capital and qualify for credit.
Denton said the ICC has developed platforms and legal models intended to support recognition of digital payment systems and electronic trade documents. He urged governments to implement the necessary legislation so businesses can use those tools with greater legal certainty.
For policymakers, the challenge is to turn digital trade commitments into working rules that companies can use in practice. Without that step, the expansion of digital payments and electronic records may not translate into lower costs or wider market access for smaller exporters.
The panel argued that better cross-border recognition would help build a more connected digital trading environment, allowing small businesses to participate in international commerce without repeatedly navigating different documentation and regulatory systems.
