BharatTradeNet: Digital Trade Platform for Exporters

New Delhi, Feb 3 (PTI) The announcement to set up BharatTradeNet as a unified platform for trade documentation will help cut paperwork, reduce processing time, costs, align processes with global standards, and enhance the competitiveness of exporters, an official said.

The official said exporters and importers would be major beneficiaries as the platform would help in getting faster clearances, and export credit access.

Besides, other segments that would get benefitted from the move included banks, NBFCs as they would get real-time trade finance data.

"The platform will eliminate delays, paperwork, reduce processing times, aligns trade processes with international standards; simplifies credit access for smaller exporters; and improves global competitiveness," the official said, adding the BharatTradeNet will be India's step toward a fully digital, globally integrated, and efficient trade ecosystem.

It will be designed to digitise, streamline, and modernise India's international trade ecosystem.

"It aims to eliminate paper-based processes, improve trade finance access, and enhance regulatory compliance by integrating key stakeholders such as customs, DGFT (Directorate General of Foreign Trade), GSTN, banks, and exporters into a unified digital platform," the official said.

The key features would also include digitisation of trade documents, seamless data exchange, trade finance facilitation, regulatory compliance, and security and transparency.

It will help convert critical trade documents like Bills of Lading, Letters of Credit, and Customs Declarations into secure digital formats; ensures 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.

Besides, it would also help automate compliance with global standards like UNCITRAL MLETR (United Nations Commission on International Trade Law Model Law on Electronic Transferable Records), and UNECE (United Nations Economic Commission for Europe), ensuring smooth international transactions.