A top official announced on Thursday that South Korea and India have begun exchanging bill of lading information electronically between their customs departments, a development that will facilitate business dealings. A bill of lading is a formal document that functions as an owner’s proof of ownership, contract, and receipt for items that are sent.
There won’t be a need for physical record submissions once the system is adopted by all nations, according to Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi. Sarangi stated that it might take one to one and a half to two years to do away with physical submissions.
With the participation of numerous nations, the United Nations Commission on International Trade Law (UNCITRAL) has taken the initiative to guarantee that all trade documentations occur through the electronic transfer mode. Work is currently underway in this regard.
Additionally, Sarangi mentioned that many startups are attempting to provide real-time tracking and tracing of containers and commodities.
