New Delhi, Feb 3 (PTI) – The Indian government has announced the establishment of BharatTradeNet, a unified digital platform aimed at revolutionizing trade documentation. This initiative is set to reduce paperwork, cut processing time and costs, align trade processes with international standards, and enhance the global competitiveness of Indian exporters, an official stated.
The platform is expected to provide significant benefits to exporters and importers by expediting clearances and improving access to export credit. Additionally, financial institutions such as banks and NBFCs (Non-Banking Financial Companies) will gain real-time access to trade finance data, streamlining their operations.
A Leap Towards a Digital and Efficient Trade Ecosystem
BharatTradeNet will be a crucial step in modernizing India's international trade framework by digitizing processes, reducing delays, and eliminating excessive paperwork. According to the official, the platform will integrate key stakeholders, including customs authorities, the Directorate General of Foreign Trade (DGFT), the Goods and Services Tax Network (GSTN), banks, and exporters, into a unified digital system.Key Features of BharatTradeNet
- Digitization of Trade Documents: Converts critical trade papers such as Bills of Lading, Letters of Credit, and Customs Declarations into secure digital formats.
- Seamless Data Exchange: Ensures real-time and secure sharing of trade-related data among exporters, financial institutions, regulatory bodies, and international trade networks.
- Enhanced Trade Finance Access: Enables MSMEs and exporters to access loans and credit seamlessly by integrating financial institutions.
- Regulatory Compliance and Security: Automates adherence to global trade standards, including UNCITRAL MLETR (United Nations Commission on International Trade Law Model Law on Electronic Transferable Records) and UNECE (United Nations Economic Commission for Europe), facilitating smoother cross-border transactions.
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