Tag: regulations

Uniform Rules for Digital Trade Transactions (“URDTT”)

Uniform Rules for Digital Trade Transactions (“URDTT”)

The International Chamber of Commerce (“ICC”) has published the Uniform Rules for Digital Trade Transactions (“URDTT”), which constitute the international laws of trade financing practice, and came into force on 1 October 2021. You can read the rules here.

Background

Work on the URDTT began in December 2018 following the realization that there was a lack of rules for digital transactions. The first draft was prepared by the ICC National Committees (“Committees”) at the end of 2019. Since then, the Committees have drafted six different versions of the rules taking into consideration more than 1,500 comments. Finally, the definitive version of the URDTT was published on 1 October 2021.

What is the scope of the new rules?

The URDTT is a comprehensive set of rules designed to cover all parties of digital commerce transactions. Its core mandate is to pave the way for commercial transactions in compliance with the UNCITRAL Model Law. Pursuant to these rules, electronic records will form the basis of commercial transactions rather than any documents or written contracts. Thus, impartiality and uniformity will be ensured in terms of commercial transactions.

The URDTT are intended (i) for a fully digital environment, (ii) to be neutral with regard to technology and messaging standards and, (iii) to extend into the corporate space, including commercial transactions and the growing community of non-bank providers of financial services.[1]

Within the framework of the URDTT, it is possible for importers and exporters to create electronic records for the purchase and sale of goods and services. It will, therefore, provide documents that will prove a buyer’s obligation to pay and a seller’s obligation to sell.

Moreover, the new set of rules also specify how electronic records regarding parties’ obligations are submitted and under which terms and conditions they will be issued.

Conclusion

In today’s world, where digital transactions are becoming more widespread, there is no doubt that the importance of digitalization of the trade industry is one of the most discussed issues in the international dimension. With the new rules, an important step towards adapting to the new world has been taken, providing a standardization of digital transactions and namely, a legal certainty. It is clear that the URDTT rules will be revised according to developing technology, business life and the needs of the markets and thus, new versions could be developed in this regard.

 EXXARO AND SERITI RESOURCES JOIN FORCES WITH ESKOM IN REALISING A JUST ENERGY TRANSITION TO A LOW CARBON FUTURE IN SOUTH AFRICA

 EXXARO AND SERITI RESOURCES JOIN FORCES WITH ESKOM IN REALISING A JUST ENERGY TRANSITION TO A LOW CARBON FUTURE IN SOUTH AFRICA

Johannesburg, 25 October 2021: Eskom, Exxaro and Seriti Resources have announced the signing of a landmark Memorandum of Understanding (MOU) that spells out their intention to pursue, co-operatively and individually, the development of renewable energy projects to lower carbon footprint at their operations. In doing so, the parties aim to create employment and re-skilling opportunities for communities living and working at and around their operations and to take a step towards a just transition to a low carbon future in South Africa.

Exxaro and Seriti are the largest coal suppliers to Eskom, contributing around 80% of Eskom’s coal supply per year. By implementing renewable energy solutions at their Eskom-tied operations and at related Eskom sites, Seriti and Exxaro aim to achieve both carbon reduction and cost savings in the generation and use of electricity at these mines. This is symbiotic with Eskom’s mandate to provide electricity in an efficient and sustainable manner, which includes decarbonising its supply chain.

The first phase of the envisaged project pipeline will see the construction of a number of solar photovoltaic facilities both on-mine and at Eskom sites. These may be behind-the-meter solutions (that is, off-grid) or wheeled solutions, or combinations of the two. The companies have committed to begin the projects as soon as possible, subject to regulatory approvals. Further projects envisaged may include energy storage and possibly wind energy facilities.

Under the MOU, Seriti envisages achieving a reduction in CO2 emissions of up to 350,000 tonnes per annum, more than half of its current emissions of 700,000 tonnes of CO2 equivalent through the consumption of coal-fired electricity generation. In respect of Exxaro – the company envisages achieving a reduction in CO2 emissions of up to 130,000 tonnes per annum at its Matla coal mine, which represents a saving of 70% of the greenhouse gasses with Matla at full production.

André de Ruyter, CEO of Eskom said: “Eskom continues to explore means to lower the cost of coal supplied to its power stations, and this investment allows it to advantage of the low

cost of photovoltaic power This is one of the many initiatives Eskom has embarked on to achieve a NetZero status by 2050.”

Mxolisi Mgojo, CEO of Exxaro said: “This is a significant landmark development in South Africa’s energy transition to a low carbon economy for three of South Africa’s largest players in the mining and energy sectors. The investment in decarbonising our mining operations is a systematic and responsible approach to the energy transition without introducing risk to the country’s electricity generation. The collaboration amongst Exxaro, Seriti and Eskom is exemplary of the possibilities achievable through co-operative and constructive relations between business and government in securing livelihoods and a future for South Africa.”

Mike Teke, CEO of Seriti said: “We recognise that climate change and the need to decarbonise our economies is a significant challenge and imperative for South Africa. But, at the same time, we are very conscious that this needs to be done in such a way that does not destroy our industrial base, or the lives of South Africans that rely on our companies for jobs, enterprise and support: this is the very basis of a just transition. As a company, we are fully committed to decarbonisation and a just transition, and in working with our partners – in business, government, labour and communities – in achieving this.”

For further information:

Eskom:

Sikonathi Mantshantsha +27 83 276 0606

E-mail: mediadesk@eskom.co.za

Exxaro:

Mzila Mthenjane +27 83 417 6375

Tsabeng Ntithe +27 76 371 6810

Seriti Resources:

Alan Fine + 27 83 250 0757

Charmane Russell +27 82 372 5816

Partnership with NCPC-SA and MCCI to promote competitiveness

Partnership with NCPC-SA and MCCI to promote competitiveness

Members of the Middelburg Chamber of Commerce and Industry (MCCI) can now fully benefit from the subsidised services of the National Cleaner Production Centre South Africa (NCPC-SA). At the first meeting on 16 September 2021, energy and water efficiency and the replacement of waste through industrial symbiosis were explained.

MCCI has signed a Memorandum of Understanding (MOU) with the NCPC-SA to jointly help members improve their efficiency and sustainability over the next two years. The NCPC-SA supports the industry through various projects and programmes that promote resource efficiency and clean production methods in industry and selected commercial sectors.

One of the most important offerings in the province is the Mpumalanga Industrial Symbiosis Programme (MISP), which the NCPC-SA operates in collaboration with the Mpumalanga Department of Economic Development and Tourism. MISP is a provincial initiative to create economic opportunities while improving the management of industrial waste.

The programme uses the industrial symbiosis approach, where unused resources from one company are recovered and reused. The approach supports developing a circular economy in Mpumalanga, avoids landfilling waste and creates business opportunities for local entrepreneurs or waste solution providers.

MCCI hosted the NCPC-SA to introduce the NCPC-SA and its services to MCCI members. This national government programme is hosted by the Council for Scientific and Industrial Research (CSIR) and funded mainly by the Department of Trade, Industry and Competition (DTIC).

MCCI plans to hold one workshop per NCPC, as there are many areas where businesses can benefit and find synergies with the services offered. Any member interested in more information can contact Anna-Marth Ott: ceo@middelburginfo.com.

Concerning Trade Conditions for January 2021

Concerning Trade Conditions for January 2021

The second wave of Covid-19 infections and the return to a more stringent lockdown in December 2020 caused a setback in trade conditions during the holiday period in December 2020 and in January 2021.

The Trade Activity Index (TAI) declined to 39 in December and further to 34 in January 2021 from 47 in November 2020.

The deterioration of trade conditions was evident in almost all facets of trade except for supplier deliveries.

Sales and new orders declined the most while inventories and employment declined relatively less. 66% of the respondents experienced worse trade conditions in January 2021 than in January 2020.

Trade expectations held up better, but also reflected the pressure after the temporary improvements in September and October 2020. Overall trade expectations declined in November 2020,

continued to experience pressure in December, and then slipped further in January 2021.

The Trade Expectations Index (TEI) declined by 11 points in November to 43, kept to 43 in December and then declined to 38 in January 2021.

 

The six-month expectations on components such as sales and orders did not weaken as much as for recent trade conditions.

Expectations of lower supplies and declining inventories were more evident in the January 2021 survey.

 The deteriorating trade conditions did not have a notable effect on prices.

Present as well as expected sales prices did not change materially in December 2020 and January 2021.

Sales prices remain under downward pressure while input prices trend upwards. This is also the expected pattern on prices six months hence.

 

Respondents also listed external matters, apart from the health aspects of the Covid-19 pandemic that impacted trade conditions.

Slow business momentum, uncertainties about the timing and duration of lockdowns, collapsing infrastructure, lack of maintenance and poor service delivery on

a local government level, are of major concern and are adversely affecting business. Some improved bookings by accommodation

venues during January and hope on Budget 2021, are some positive notions put forward.

 

Employment conditions in trade weakened slightly in December 2020 and January 2021. 38% of respondents were positive on employment

in January 2021 compared to 43% in November 2020. Respondents expect to increase jobs over the next six

months – 40% were positive on employment in January 2021 against 38% in November 2020.

Released by the South African Chamber of Commerce and Industry at their offices in Illovo, Johannesburg.

 

For more information and infographic, see the SACCI website – www.sacci.org.za