27 Jan '11, 6am

Faster Clearance For Goods With TradeFIRST: New framework to help Singapore stay competitive over rival ports.

It will be simpler and faster for businesses to clear their goods through Singapore Customs with the introduction of TradeFIRST yesterday. Under this new trade facilitation and engagement framework, TradeFIRST allows: goods to take 1 week for clearance, instead of the usual 2-3 weeks supply chain managers to liaise with just 1 Singapore Customs account manager for all of their licensing needs TradeFIRST also aims to be proactive in reaching out to companies about suitable customs schemes, so that these companies can better seize potential business opportunities. In his speech at International Custom Day 2011 yesterday, Mr Peter Ong, Permanent Secretary for Finance, said that this framework would help trade-dependent Singapore retain its competitve edge over other rival ports. Singapore's trade-to-Gross Domestic Product ratio is about 350% - one of the world's highest. Some...

Full article: http://www.business.gov.sg/EN/News/20110127TradeFIRST


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