At the G20 summit, India will put out a proposal for a system akin to SWIFT, which is used in international banking to enable similar paperless cross-border commerce transactions.

The system will be based on an interoperable digital bill of lading that serves as an electronic bill of lading and is predicted to increase trade and investment.

“Such a system can greatly facilitate global trade and also provide end-to-end visibility to all stakeholders, including the authorities,” a government official stated.