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India and South Korea have started sharing the bill of lading in an electronic transfer mode between the customs of both sides, a move that will help promote ease of doing business, a senior official said on Thursday.
A bill of lading is a legal document that serves as a receipt, contract, and proof of ownership for shipped goods.
Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said as and when the system becomes a norm for all the countries, there will be no requirement for physical submission of records.
“India in collaboration with South Korea has now started this concept of sharing the bill of lading in an electronic transfer mode between the customs of both sides,” he said while addressing a session in the ‘Deloitte Government Summit’ here.
South Korea is a key trading partner of India and both countries have implemented a comprehensive free trade agreement in 2010.
India’s exports to the country stood at $6.41 billion in 2023-23, while imports aggregated at $21.13 billion.
Sarangi added that doing away with physical submissions may happen in the next 1-1.5 years.
The United Nations Commission on International Trade Law (UNCITRAL) has taken this initiative to ensure that all trade documentations happen through the electronic transfer mode and that work is under progress as various countries are participating.
UNCITRAL is the core legal body of the UN system in the field of international trade law. Its business is the modernisation and harmonisation of rules on international business.
Sarangi also said a lot of startups are working in the direction of ensuring tracking and tracing of goods and containers on real-time basis.
“Each of the containers coming into our country is RFID tagged and the movement is tracked on real time basis and going forward enabling IoT (internet of things) and ensuring that these containers movement is tracked from origin till it is shipped and beyond outside our shores also is something which is a work in progress,” he said.
The DGFT has taken a series of measures to ensure ease of doing business for exporters and importers.
It has recently launched the Trade Connect e-Platform, which is a one-stop shop for traders to get information related to all areas such as duties, markets, and free trade agreements.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 19 2024 | 8:37 PM IS
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