Key Points
India, S Korea start sharing bill of lading electronically to promote trade: DGFT..
This digital move eliminates the need for physical record submissions, expected to be fully adopted in 1-1.5 years..
"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...
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...
"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...
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