KTNet Pioneers E-Trade
- Company computerizes all phases of trade under Internet saving time and money

The KTNet has been engaged in works for improving the international trade competitive power of the country since its foundation in 1991 by providing the trade automation service, cutting trade procedure time and expenses involved in a drastic manner, said Yoo Chang-moo, president of Korea Trade Network (KTNet).
The company has been able to boost the productivity of involved firms, thereby enhancing their competitive edge.
KTNet won international recognition for its operations in terms of building e-trade infrastructure, the development of solutions, standardization of work and a linkage with global e-trade. It has become an Internet backbone pouring its resources and energy into building an e-trade infrastructure both at home and abroad.
E-trade is being called in various names including Internet trade and cyber trade among others as a new paradigm in international trade. It is a new form of international trade transactions based on the Internet and other IT without limit for time and space. E-trade covers a vast range of territory in international trade from finding buyers, negotiations, contracts, raw material supply, transportation, customs, and to settle payments.
E-trade basically revolutionizes the international trade process and its structure and would enhance our firms trade competitiveness in a drastic manner, leading the way to make Korea an economic hub in Northeast Asia like Hong Kong and Singapore.
KTNet will expand the trade automation service into an international trade network so that it would be an international e-trade service company after automating the entire international trade process and providing uninterrupted trade between trading communities at home and abroad.
KTNet will provide a base of service for all kinds of import and export businesses with any one and at any time in the world through its one-stop window service.
The Ministry of Commerce, Industry and Energy first formulated the idea for trade process automation in 1989. In 1990, the Korean International Trade Association set up a team to pursue the idea. In 1991, KTNet was born and in December of the same year, law for the promotion of automating international trade business was set up. In November of 1992, a company was designated to take charge of the automation of the trade process. In the same month, the Korean Customs Service and the designated company signed an agreement covering the automation of customs procedures and its operation. In January, a model business of automated trade service was launched.
KTNet was set up in 1991 by the KITA as a wholly owned subsidiary of the KITA with the purpose of building an online trade system in a bid to enhance the international competitiveness of Korea's international trade firms.
The company completed the infrastructure for the nation's information and communication trade in 1997 based on basic agreements on the automation of customs service procedures with the Korea Customs Service and the designated company for the trade automation project in 1992.
For the successful completion of the trade automation project, KTNet introduced UN/EDIFACT EDI, the international standard for the first time in the country and became a pioneer in the field.
The successful completion of the project now enables those involved in international trade to use computers at their offices to take care of trade procedures such as the delivery of letters of credit, reports of imports and exports and the reimbursement of tariffs all without visiting different offices.
The project launched the age of paperless trade, cutting time and expenses, making Korean traders competitive with contributions to national economic development.
KTNet is connected with trading firms, banks, insurers, associations, tax assessors, customs, forwarders, shipping firms and airlines, among others, under its Internet service.
The company will focus now on the e-business side to fully take advantage of its expertise in trade automation and try to become a global e-business firm and tie up with foreign firms. nw