Global trade connectivity platform launched in Singapore
Global eTrade Services (GeTS) has launched the world’s first trade platform to accelerate cross border trade across the globe.
GeTs provides a single electronic window that connects to various foreign businesses and government agencies. It facilitates the electronic exchange of trade documents across borders, helping traders to meet regulatory requirements and enabling companies to clear the customs more quickly and efficiently. This translates into time and cost savings for companies.
GeTS will enable businesses and governments to simplify processes and accelerate cross border connectivity, saving them as much as 15% of the value of traded goods. OECD estimates that for every 1% reduction in global trade costs, global income could go up by US$40 billion.
“We are looking to change the way trade compliance is done around the world; making cross-border trade more accessible, predictable and easier. Using natural language programming and machine learning for our services, we have already improved time savings by 60 per cent and increased productivity by 1.5 times for our customers, with more than 11 million transactions annually,” said Mr Chong Kok Keong, CEO at Global eTrade Services.
Mr Yigit Saricinar, General Manager Airfreight, PT Schenker Petrolog Utama said: “Using GeTS' Cross Border Services enables us to speed up the Customs declaration process by expediting the electronic transmission of shipment data required for customs declaration into Indonesia Customs, saving time and manpower, allowing us to better serve our customers.”
At the official launch of GeTs, Dr Koh Poh Koon, Senior Minister of State, Ministry of Trade and Industry, said:
“Underpinning the growth in global cross border trade is the improvement in digital connectivity. With growing internet penetration and proliferation of smart devices, companies are able to access markets and consumers anywhere in the world, at any time. This has spurred the growth of cross-border e-commerce trade, which has become a key engine for trade growth. In the years to come, e-commerce trade is expected to post strong growth, with Southeast Asia poised to be one of the world’s fastest-growing regions for e-commerce trade. Industry experts have estimated that Southeast Asia’s e-commerce market will surpass US$25 billion in revenue by 2020, more than double the total revenue in 2015.”
“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,” added Dr Koh.