Plan is to create separate agency to implement BharatTradeNet: DGFT
Live MintNew Delhi, Feb 4 The Budget announcement to set up BharatTradeNet as a unified platform for trade documentation and financing solutions is an ambitious proposal and there is a plan to create a not-for-profit company to implement this project, a senior government official said on Tuesday. Proposed on the lines of Unified Payments Interface, the platform will help in moving towards complete digitisation of the entire range of trade documentation and then allow seamless operability of different agencies which are involved in this, Director General of Foreign Trade Santosh Kumar Saranagi told reporters here. "So we will move towards digitisation of the entire range of trade documentation and then allow seamless operability of different agencies which are involved in this," Sarangi said. It will help convert critical trade documents like Bills of Lading, Letters of Credit, and Customs Declarations into secure digital formats; ensure real-time, secure data sharing between exporters, banks, regulatory authorities, and global trade networks; and help MSMEs and exporters access loans and credit by integrating financial institutions into the system.
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