India-South Korea Digitise Trade With Electronic Bill Of Lading Exchange

ENA Global 2024-09-20 15:57:30 New Delhi, Sep 20 (KNN) In a significant move towards streamlining international trade processes, India and South Korea have initiated the electronic exchange of bills of lading between their respective customs authorities, as reported by a senior Indian official on Thursday. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi, speaking at the 'Deloitte Government Summit', highlighted this development as a step forward in enhancing ease of doing business. He projected that the need for physical document submission could be eliminated within the next 12 to 18 months as this system becomes more widely adopted. The bill of lading, a crucial document in international trade that serves as a receipt, contract, and proof of ownership for shipped goods, has traditionally been handled in physical form. This transition to electronic transfer aligns with the broader initiative led by the United Nations Commission on International Trade Law (UNCITRAL) to digitise trade documentation globally. India and South Korea, who implemented a comprehensive free trade agreement in 2010, continue to be significant trading partners. In the fiscal year 2023-2024, India's exports to South Korea amounted to $6.41 billion, while imports reached $21.13 billion. Sarangi also noted ongoing technological advancements in supply chain management, mentioning that numerous start-ups are developing solutions for real-time tracking of goods and containers. He revealed that containers entering India are now equipped with RFID tags, enabling real-time movement tracking. Enabling IoT (Internet of Things) and ensuring that container movements are tracked from origin till beyond our shores is a work in progress, Sarangi stated. In related efforts to facilitate trade, the DGFT has recently introduced the Trade Connect e-Platform, a comprehensive online resource providing traders with information on duties, markets, and free trade agreements. These initiatives collectively represent India's commitment to modernising its trade infrastructure and processes, potentially setting a precedent for future international trade practices. (KNN Bureau) 39348 https://knnindia.co.in/news/newsdetails/global/india-south-korea-digitise-trade-with-electronic-bill-of-lading-exchange 2024-09-20 15:57:30 knnindia.co.in India-South Korea Digitise Trade With Electronic Bill Of Lading Exchange