ID :
69175
Sun, 07/05/2009 - 22:22
Auther :
Shortlink :
https://oananews.org//node/69175
The shortlink copeid
S. Korea aims to 'globalize' local on-line trade system to help exporters
By Lee Joon-seung
SEOUL, July 5 (Yonhap) -- South Korea plans to link its local on-line trade
support service system with overseas markets to help Korean businesses cut costs
and boost competitiveness, the government said Sunday.
The "globalization" of the so-called uTradeHub system, set up in 2008, will
facilitate trade across borders by streamlining administrative processes related
to customs, quarantine, country of origin rules and settlements of accounts, the
Ministry of Knowledge Economy said.
"The 2009-2012 plan is designed to expand domestic use of the e-commerce
application, while at the same time developing an international network," a
ministry official said.
The government will set aside around 3 billion won (US$2.3 million) every year to
support this project along side the Korea International Trade Association and
private companies, he added.
"Once the system is in place, experts expect cost savings to total 3 trillion won
every year," the official said. He also said that foreign countries and companies
that acquire the system will benefit when they ship goods to South Korea.
Linking uTradeHub requires foreign companies that trade with South Korea to
acquire and set up the system. It can also be established at the national level.
Seoul is currently engaged in talks with Libya, Uzbekistan, Mongolia and Romania
to export the e-commerce trade system.
The uTradeHub system is the world's first operational on-line commerce system
designed to incorporate all trade-related paperwork into a single Internet-based
application. It is the culmination of nearly 20 years of researc, with Seoul
spending more than 21 billion won from 2004 to complete the nationwide network.
The system can produce export bill purchase negotiations (e-Nego), a bill of
landing (e-B/L) and a letter of credit (e-L/C), helping to improve business
productivity.
South Korea is a global leader in on-line commerce and trade, having been the
first in the world to open an e-L/C service in 2005. It won recognition as a
global trend-setter in this field from the Asia-Pacific Economic Cooperation
forum.
yonngong@yna.co.kr
(END)
SEOUL, July 5 (Yonhap) -- South Korea plans to link its local on-line trade
support service system with overseas markets to help Korean businesses cut costs
and boost competitiveness, the government said Sunday.
The "globalization" of the so-called uTradeHub system, set up in 2008, will
facilitate trade across borders by streamlining administrative processes related
to customs, quarantine, country of origin rules and settlements of accounts, the
Ministry of Knowledge Economy said.
"The 2009-2012 plan is designed to expand domestic use of the e-commerce
application, while at the same time developing an international network," a
ministry official said.
The government will set aside around 3 billion won (US$2.3 million) every year to
support this project along side the Korea International Trade Association and
private companies, he added.
"Once the system is in place, experts expect cost savings to total 3 trillion won
every year," the official said. He also said that foreign countries and companies
that acquire the system will benefit when they ship goods to South Korea.
Linking uTradeHub requires foreign companies that trade with South Korea to
acquire and set up the system. It can also be established at the national level.
Seoul is currently engaged in talks with Libya, Uzbekistan, Mongolia and Romania
to export the e-commerce trade system.
The uTradeHub system is the world's first operational on-line commerce system
designed to incorporate all trade-related paperwork into a single Internet-based
application. It is the culmination of nearly 20 years of researc, with Seoul
spending more than 21 billion won from 2004 to complete the nationwide network.
The system can produce export bill purchase negotiations (e-Nego), a bill of
landing (e-B/L) and a letter of credit (e-L/C), helping to improve business
productivity.
South Korea is a global leader in on-line commerce and trade, having been the
first in the world to open an e-L/C service in 2005. It won recognition as a
global trend-setter in this field from the Asia-Pacific Economic Cooperation
forum.
yonngong@yna.co.kr
(END)
