New trade services platform to help firms manage cross-border compliance

It is called Global eTrade Services.

The launch of Global eTrade Services (GeTS) in Singapore could be just what exporters and importers need amidst the boom of e-commerce in international trade.

According to its Senior Minister of State for Ministry of Trade and Industry Koh Poh Koon, global cross-border trade has grown rapidly over the years, growing US$6.5t in 2000 to US$16.6t.

"Offering a comprehensive suite of services, GeTS can help traders meet regulatory and compliance requirements of foreign government agencies. GeTS is centred on a single electronic window that connects to various foreign businesses and government agencies," he said.

Koh said the platform can facilitate the electronic exchanges of trade documents with counterparties across borders. This enables companies to clear the customs more quickly and efficiently, which will translate into time and cost savings for companies.

"The enhanced connectivity through GeTS serves as a natural complement to our excellent physical infrastructure and logistics capabilities. We are ranked first in shipping, and ports and logistics, which is backed by our ease of doing business and efficient customs procedures. The efficiency gains from GeTS will help sustain Singapore’s competitiveness and attractiveness as a global trading and logistics hub," he added.

Koh also mentioned that he witnessed the signing of the Memorandum of Understanding (MoU) between GeTS and the Singapore Logistics Association to develop a pan-regional Business-to-Business (B2B) platform that facilitates collaboration between members of ASEAN logistics associations.

"With linkages to 500 freight forwarders and 1,300 counterparties in various ASEAN countries, companies can reduce inefficiencies from manual correspondences, and transmit their trade documents through a single digital platform that would help to facilitate customs clearance. This will allow companies within the region to move their goods across regional borders in a more efficient and cost-effective manner," Koh shared.