South Korea and India have begun electronically exchanging bills of lading, marking a key advancement in streamlining trade between the two nations
1 month ago
South Korea and India have begun electronically exchanging bills of lading, marking a key advancement in streamlining trade between the two nations
To make doing business easier, South Korea and India have started electronically transferring bill of lading between respective customs departments.
A move aimed at streamlining trade processes and enhancing ease of doing business. This digital shift eliminates the need for physical document submissions, a practice expected to be phased out globally within the next one to two years, according to Santosh Kumar Sarangi, Director General of Foreign Trade (DGFT).
A bill of lading serves as a critical document in international trade, acting as proof of ownership, a contract, and a receipt for shipped goods. Once fully implemented by all countries, the electronic system will further simplify customs procedures and reduce paperwork.
Sarangi emphasized that this transition is part of a larger global effort, led by the United Nations Commission on International Trade Law (UNCITRAL), to ensure that all trade documents are transferred electronically. Significant progress is being made toward this goal, with many startups working to provide real-time tracking and tracing of containers and shipments, enhancing transparency and efficiency in global trade.
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Source: Maritime Gateway