Tuesday, 04 October 2022
Taking paper out of Sri Lanka’s “paperless” trade

Taking paper out of Sri Lanka’s “paperless” trade

Sri Lankan government is still to accepting Electronic Documents & Signatures in trade related processes in the country.

Verité Research, together with the Import Section of the Ceylon Chamber of Commerce has conducted a research and compiled a report stressing the importance of legalizing e-documents and e-signatures in local and foreign trading.

For the last two decades, Sri Lanka has been seeking to introduce a paperless trading regime in the country similar to that of Singapore, South Korea and Malaysia.

Although the country has moved towards automated clearing systems and a functioning Single Window system, the current process still requires the manual submission of documents signed by hand, due to the government failing to accept electronic signatures, Verité Research official said.

What does this mean? The cost and time savings expected from a paperless electronic platform is not fully realized within the current system, adding extra burden on Sri Lankan trade related businesses, which translate into poor competition and trade efficiency in the global market.

Verité Research is to reveal the red tape that prevents the acceptance of electronic signatures and electronic documents in Sri Lanka and how can we resolve the problem? and What is the cost of delaying acceptance?

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