**BharatTradeNet: A Unified Platform for Trade Documentation and Financing Solutions**
New Delhi, Feb 4 (PTI) – The recent Budget announcement to establish BharatTradeNet as a comprehensive platform for trade documentation and financing solutions is an ambitious initiative. A senior government official revealed plans to create a not-for-profit company to oversee the implementation of this project. Modeled after the Unified Payments Interface (UPI), this platform aims to facilitate the complete digitization of trade documentation and ensure seamless interaction among various agencies involved in the process, according to Santosh Kumar Sarangi, Director General of Foreign Trade (DGFT).
Finance Minister Nirmala Sitharaman highlighted in her Budget speech that BharatTradeNet will serve as a unified platform for trade documentation and financing, complementing the Unified Logistics Interface Platform. Sarangi described the proposal as highly ambitious, likening it to a UIDAI-type program for the future. He emphasized the need for a dedicated agency with a robust IT and system architecture team that understands the full trade ecosystem and its operations. To achieve this, the suggestion is to establish a Section 8 company to facilitate interactions with multiple agencies.
These agencies include the Reserve Bank of India (RBI), the Central Board of Indirect Taxes and Customs (CBIC), banking systems, various shipping lines, ports, and airports. Sarangi noted that collaboration with all entities involved in international trade is essential, necessitating a strong institutional mechanism.
Currently, around 30 entities participate in trade documentation and financing, each operating its own portal and systems. Exporters and importers must navigate approximately 5,000 data points across different trade and finance ecosystems, with much of the process still reliant on paper documentation. Sarangi stated that the goal is to transition to a fully digitized trade documentation system that allows for seamless operability among involved agencies.
The vision is for various stakeholders, including bankers, factory service providers, customs, FSSAI, the Export Inspection Council (EIC), and laboratories, to interact through a single digital public infrastructure. He compared this to UPI, where multiple agencies are involved in a transaction, but the platform maintains anonymity while facilitating payments.
The BharatTradeNet project is expected to take 2-3 years to fully develop. It will enable the digitization of over 30 trade documents, such as Bills of Lading and Promissory Notes, allowing for secure electronic issuance, transfer, and storage as needed. Exporters and importers will be the primary beneficiaries, as the platform will expedite clearances and improve access to export credit. Additionally, banks and non-banking financial companies (NBFCs) will benefit from real-time trade finance data.
