International trade over the Internet moved closer to reality when MITSUBISHI CORP. and CommerceNet, a Palo Alto, California-based industry association promoting electronic commerce over the Internet, announced the availability of standardized documents that support international cross-certification of digitally signed trade transactions. The documents, including a model electronic commerce trade agreement for trading partners, are the outgrowth of a pilot project launched in May 1997 by JapanNet and CommerceNet. They provided independent certification authority services for their respective clients, Mitsubishi and an unnamed American trading partner. JapanNet is a consortium of companies interested in electronic commerce that is spearheaded by the trader and backed by the Ministry of International Trade and Industry.
An exchange rate of ¥145=$1.00 was used in this report.