Singapore is building a faster, more secure trade future by adopting digital technologies and signing agreements with other countries to make cross-border business easier.
KEY POINTS
IN SIMPLE TERMS
Digital trade means using technology to buy and sell things across borders more quickly and cheaply. Singapore is making deals with other countries and creating new systems so businesses can trade online more easily, but everyone needs to agree on common rules first.
WHY IT MATTERS
WHERE DO YOU STAND?
Do you think Singapore should prioritise rapid adoption of digital trade even if global standards are still being developed?
👍 👎 Vote ↓Keynote Address By Mr S Iswaran, Minister-incharge Of Trade Relations At ICC Future Trade Forum, On 29 Mar 2023, 9am At Sands Expo And Convention Centre – made simple.
Imagine a world where trade moves as swiftly as a cheetah and as smoothly as water.
That’s the future Singapore is building through digital trade.
Let’s dive into this exciting world and see how technology is changing our lives in trade.
Digital trade is like a powerful wind, pushing Singapore’s economy to new heights.
It helps businesses grow faster, work better, and become stronger.
As Mr S Iswaran, Minister-in-charge of Trade Relations, said at the ICC Future Trade Forum, “Through digitalisation, trade can become faster, more secure, and lower in cost.”
Singapore is like a clever spider, weaving a web of digital connections with other countries.
It has signed Digital Economy Agreements (DEAs) with five nations, making it easier to trade digitally across borders.
Plus, it’s working on a global agreement called the Joint Statement Initiative (JSI) on E-Commerce at the World Trade Organisation.
Digitalisation of trade brings a basket of opportunities, like faster transactions and better access to financing.
But there are challenges, like finding common standards to make digital trade work seamlessly worldwide.
That’s where organisations like ICC-DSI come in, helping to create a harmonious digitalised trade environment.
This new form of trade revolution is upon us, and Singapore is riding the wave like a skilled surfer.
It’s time for us to join this exciting journey and maximise its opportunities.
So, are you ready to be part of the revolution?
What are the biggest challenges and opportunities in digital trade for Singapore? Share your thoughts in the comments below!
Do you think Singapore should prioritise rapid adoption of digital trade even if global standards are still being developed?
Be the first to weigh in.
