Location Transport

Marine Transportation Industry Embarks on Major Overhaul

Summary: The representative of South Korea s trade industry will be joining the port authority in charge of setting fees for marine transportation services Meanwhile an export bill is to be recognized as an electronic document that can be used for e trade The South Korean government is to announce such plans after finalizing additional details to lay the foundation for trades according to the Ministry of Knowledge Economy MKE on November 26 In particular the government will allow the Korea Investment Trade Agency KITA to nominate a representative to the authority which the trade industry has been appealing for a while The trade industry claims that the port authority which had solely been composed of marine transportation businesses has been setting expensive rates that fail to reflect the interest of the consumer or the trade industry A representative from the trade industry has been singled out in setting the rates in the port authority and added The latest amend holds great significance for the trade industry which corrected the rule that only favored suppliers said the MKE Furthermore the export bill act will be revised to recognize an export bill as an e document Following the revision e trades will be possible through export bill The plan also includes connecting an e trade system with South Korea s five major trade partners including China and India Information on tracking freights in logistics hubs Rotterdam Qingdao and Singapore is to be provided as well Yen mi Hong edited by Jae yoon Jung ⓒ Maeil Business Newspaper mk co kr All rights reserved The representative of South Korea s trade industry will be joining the port authority in charge of setting fees for marine transportation services Meanwhile an export bill is to be recognized as an electronic document that can be used for e trade The South Korean government is to announce such plans after finalizing additional details to lay the foundation for trades according to the Ministry of Knowledge Economy MKE on November 26 In particular the government will allow the Korea Investment Trade Agency KITA to nominate a representative to the authority which the trade industry has been appealing for a while The trade industry claims that the port authority which had solely been composed of marine transportation businesses has been setting expensive rates that fail to reflect the interest of the consumer or the trade industry A representative from the trade industry has been singled out in setting the rates in the port authority and added The latest amend holds great significance for the trade industry which corrected the rule that only favored suppliers said the MKE Furthermore the export bill act will be revised to recognize an export bill as an e document Following the revision e trades will be possible through export bill The plan also includes connecting an e trade system with South Korea s five major trade partners including China and India Information on tracking freights in logistics hubs Rotterdam Qingdao and Singapore is to be provided as well Yen mi Hong edited by Jae yoon Jung ⓒ Maeil Business Newspaper mk co kr All rights reserved

Image Dimensions: 800 x 533