The Indian government has announced plans to establish BharatTradeNet, a unified digital platform for trade documentation and financing, modeled after UPI (Unified Payments Interface). This initiative, revealed in the Budget speech by Finance Minister Nirmala Sitharaman, aims to digitize trade documentation, streamline agency interactions, and improve export credit access.
Key Highlights of BharatTradeNet:
- Implementation via a Separate Agency: A not-for-profit Section 8 company will be created to oversee and implement BharatTradeNet, ensuring seamless coordination among multiple agencies.
- Interoperability Across Agencies: The platform will facilitate interactions among banks, customs, FSSAI, EIC (Export Inspection Council), ports, airports, and other trade entities.
- Digitization of Over 30 Trade Documents: Documents like Bills of Lading, Promissory Notes, and Customs Declarations will be securely issued, transferred, and stored electronically.
- Simplified Trade Processes: Exporters and importers currently navigate 5,000+ data points across 30 different trade entities. BharatTradeNet will eliminate redundancy and reduce paperwork.
- Enhanced Trade Financing & MSME Support: Banks and NBFCs will gain real-time trade finance data, enabling faster loan approvals for MSMEs and exporters.
- Global Compliance & Standardization: The platform will adhere to UNCITRAL MLETR and UNECE standards, ensuring seamless international transactions.
Timeline & Future Plans
The project is expected to take 2-3 years for full implementation. BharatTradeNet is envisioned to revolutionize India’s trade infrastructure, much like UPI did for digital payments, reducing inefficiencies, improving compliance, and making trade processes more transparent and secure.
Summary on base Economic Times India