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Asean-India Business Council Launches Online Business Portal To Facilitate Trade
The portal is expected to transform the ease and speed with which the trading fraternity can complete an array of trade transactions and a one-stop centre to gather a comprehensive, accurate and up-to-date source of regulatory information of different countries.
Speaking at the launch of the portal here Tuesday, International Trade and industry Ministry Datuk Rebecca Fatima Sta Maria said with bilateral trade between Asean and India expected to reach US$100 billion by 2015, the economy cannot be competitive if it was bogged down with slow manual processes.
"The portal is a useful step towards improving trade facilitation as it would create an enabling environment to harmonise and simplify procedures for cross-border transactions.
"This innovation would further reduce delays and enhance the goal of fast clearance at ports," she said.
Datuk Ramesh Kodammal, the council's co-chairman, said the core functionality of the portal is to provide the business community complete, timely and up-to-date information relating to trade, be they goods or services, on a single portal.
He said the portal would serve as an information highway to businesses hoping to reach a combined market strength of 1.9 billion people.
"The council has been revitalised to move forward and strengthen the bilateral trade between Asean and India. To do this, we need to also create awareness of business opportunities in these countries and one of the tool is through this portal," Ramesh said.
Among the challenges faced by the portal will be to keep it up to date and to have relevant information as we have to deal and gather information from many government agencies of the 10 Asean countries and from India.
Moving forward, the portal will also be enhanced to serve as a business- matching platform for all businesses, especially small and medium businesses, which he said comprised 95 per cent of the businesses in these countries.
news coverage in our Newswire service.
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