Global Shipping Business Network (GSBN), Saudi Basic Industries Corporation (SABIC), COSCO SHIPPING Lines, Hutchison Ports and PSA International have signed a non-binding memorandum of understanding (MoU) to enable paperless trade.
The agreement will see all signatories leveraging the electronic Bill of Lading (eBL) for export shipments by the shipper SABIC via COSCO SHIPPING’s vessels to ports in Asia operated by Hutchison Ports and PSA.
Additionally, structured data from the eBL issued via GSBN’s data infrastructure, will also be used by Cargo Release to enable a fully digital solution, which connects everyone involved at the ports of import to enable the secure and paperless release of containers.
The five-way MoU was signed during a signing ceremony held at the ICC Future Trade Forum in Singapore, under this year’s theme of “Digitization of Trade Through New Technology and Digital Standards”.
