- Digital trade transforming Singapore’s economy
- Embracing technology in trade relations
- Opportunities and challenges in this new trade landscape
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: A Game Changer in Singapore’s Economy
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.”
Embracing Technology in Trade Relations
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.
Opportunities and Challenges
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.
Actionable and Practical Takeaways
- Embrace digitalise trade to help your business grow faster and reach more markets
- Stay updated on the latest digital trade policies and agreements that affect your business
- Collaborate with other businesses and organisations to promote digital trade standards
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!
