India’s Leading Chamber of Commerce Offers BIMSTEC Platform for Paperless Commerce
Indian Chamber of Commerce President Pradeep Sureka has spoken about how the COVID-19 pandemic and associated global recession have had a devastating effect on international trade. In an attempt to control the spread of the pandemic, countries have had to impose drastic measures including lockdowns, travel restrictions, border closures, airport closures, entry delays for ships, and more. These restricted measures have affected the global supply chain.
He said: “Although we have seen the effect of Omicron is not so fatal, but there is no guarantee that another pandemic will not cause more disruption. Although these cannot be avoided, the effect on countries’ economies can be mitigated by generating appropriate solutions. One way is to boost regional trade, thereby limiting the physical boundaries of disruptions. BIMSTEC was established to leverage geographic advantage to enhance economic and physical connectivity through more trade, investment, travel and exchange among member countries. Current trade between BIMSTEC members has the potential to grow 5-6 times. »
“This can make business transactions more convenient while ensuring regulatory compliance and improving the competitiveness of countries and their industries to move to the paperless chain. It has picked up considerable pace with the development of blockchain-based solutions, which is certainly a more cost-effective way to trade internationally. However, navigating multiple platforms, electronically filing documents, to avail of tax benefits leads to difficulties. Therefore, facilitating compliance is one of the main objectives of the government. In this context, the current Ice Gate, Indian Customs and e-Gateway and National India Customs Portal offer e-filing service to trade, cargo carriers and provide a centralized filing system for trade-related transactions cross-border, SEZ etc. to cover an integrated compliance of all compliances under one umbrella. In summary, trade facilitation is a vital area for all policy makers in the future.