India, S Korea start sharing bill of lading electronically to promote trade: DGFT
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 USD 6.41 billion in 2023-23, while imports aggregated at USD 21.13 billion.
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