India and South Korea have started sharing the 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 bill of lading is a legal document that serves as a receipt, contract, and proof of ownership for shipped goods.
- 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 $6.41 billion in 2023-23, while imports aggregated at $21.13 billion.
- The United Nations Commission on International Trade Law (UNCITRAL) has taken this initiative to ensure that all trade documentations happen through the electronic transfer mode and that work is under progress as various countries are participating.
- UNCITRAL is the core legal body of the UN system in the field of international trade law. Its business is the modernisation and harmonisation of rules on international business.
