[Korea.net News, Government News, July 29 2008] Gov't opens online trade support system

Source: Ministry of Knowledge Economy

The Ministry of Knowledge Economy said Tuesday (July 29) that Korea has opened the world's first online trade support service system to help companies cut administrative costs and boost competitiveness.

The "uTradeHub" system is the culmination of nearly 20 years of research, and is designed to package all trade-related transaction paperwork into a single Internet-based application, according to the ministry.

The ministry said the introduction of the new system -- which incorporates services like export bill purchase negotiations (e-Nego), bill of lading (e-B/L) and letter of credit (e-L/C) -- is expected to revolutionize overall business processes and improve the productivity of local companies, and will be developed as an export product.