BORDER TRADE * India & Subcontinent: Eased by inter-countries' agreement
* New Delhi - Cross-border shipment cuts logistics cost by 20% between India and Bangladesh
--- For the first time a truck carrying cargo was allowed to cross over to India from Bangladesh without requiring the consignment to be unloaded and transferred to another truck. Known as transhipment, this has been the time consuming and costly practice of border crossing norms until today... This was the result of many months of lobbying efforts between the two countries under the newly signed BBIN Motor Vehicles Assignment reached between India, Bangladesh, Nepal and Bhutan... Under the new terms trucks traveling between the four countries via land are no longer required to have cargo trans-shipped during travel, drastically reducing the time taken to transport goods across borders... Industry experts predict that the agreement will effectively reduce transit time for cargo trucks by approximately three days, and overall logistics costs by up to 20%. Moreover, transforming what are traditionally perceived as transport corridors into economic corridors could potentially increase intra-regional trade within South Asia by almost 60% and with the rest of the world by over 30%... The trucks now follow a new Customs inspection and verification procedure using the E-Seal, which can be affixed to the vehicle at the beginning of the journey... This streamlined solution will continue to offer complete visibility to global customers sourcing from the region...
(File photo: PTI - The trial run of GPS-monitored cargo truck was successful) -- New Delhi, India - India Today, by Atir Khan and Kritika Banerjee - September 26, 2016