Uttar Pradesh traders demands regulatory mechanism for the security of foreign trade amid frauds, payment failures

Uttar Pradesh traders on Friday (August 14, 2026) demanded regulatory mechanism for the security of foreign trade, amid growing cases of fraud.They demanded a regulatory body for the security of foreign trade which can provide assistance in cases involving fraud, payment defaults, and cross-border commercial disputes.“I suffered a loss of over ₹25 lakhs by a Bangladesh based client. It is not the first setback faced by me, common issue faced by us with foreign clients are default in payments, container theft at ports and payment stuck in foreign banks and the foreign customer goes into hiding. India’s exports stood at about $860 billion and $979 billion in imports, roughly 50% in value of GDP. Millions of importers are safeguarded only by few tools, most commonly ECGC or Bank Letter of Cre