Jindal Stainless participates in India-Singapore TradeTrust eBLs project – ET Infra

MUMBAI: Jindal Stainless announced it has become the first Indian company to take part in a partnership between India and Singapore to make cross-border trading paperless and easy for all parties.

During the G20 Trade and Investment Ministerial Meeting in Jaipur, India, Commerce and Industry Minister Piyush Goyal and his Singaporean counterpart, Mr. Gan Kim Yong, successfully launched the first “live” transaction of interoperable e-Bills of Lading (eBLs) from Singapore to India through TradeTrust Framework.

“The TradeTrust Framework will boost international trade by eliminating the enormous time consumed in the physical movement of the paper bill of lading (BL), and allows digital transfer of the title of goods from the seller to the buyer,” said Abhyuday Jindal, managing director of Jindal Stainless.

“As a major importer of scrap as a raw material, interoperable eBLs will benefit us with speedy release of goods at the port, ensure cost effectiveness and unlock liquidity for business. We are proud to be partnering with the Indian and Singapore government in helping build an ecosystem for efficient international trade which we hope will only become more widespread in the long run”, he further added.

In addition to Jindal Stainless, ICICI Bank, Enterprise Singapore, Infocomm Media Development Authority (IMDA), DBS Bank, Maptrasco, and A P Moller-Maersk have been joined by the National Institute for Transforming India (NITI) Aayog and Singapore’s Ministry of Trade and Industry (MTI) for this project.

In this project powered by blockchain, the traders, shippers, and banks are involved in the transaction of an actual shipment that will be completely paperless across geographies and through different platforms. This is the first live letter of credit transaction using eBLs that has taken place globally..