National Trade Platform to help SMEs cut costs

THE government will develop a National Trade Platform (NTP) to help businesses in the logistics and trade-finance sectors, many of which are small and medium-sized enterprises (SMEs).

Finance minister Heng Swee Keat said the system will eventually replace the current TradeNet and TradeXchange systems. TradeNet is the platform for making Customs declarations; TradeXchange is a platform that facilitates the exchange of data in the trade and logistics community.

The NTP, as a one-stop trade information management system, will enable electronic data sharing among businesses and government, he said. Firms need provide trade information only once and authorise its use by logistics providers and business partners. The information can also be used for Customs and other trade regulatory approvals.