SINGAPORE is spearheading global efforts to create a centralised, digital hub for trade. By connecting to the Networked Trade Platform (NTP), businesses will save time and costs, and be digitally connected to trading partners and counterparties across the globe seamlessly.

Singapore is an important global trade hub with China, with the European Union and the United States among its biggest trading partners. Commerce has grown strongly in recent years with Singapore's cross-border merchandise trade reaching S$1,022.2 billion in 2019, an increase of 17 per cent from three years ago.

The US-China trade dispute and Covid-19 outbreak could impact this trajectory, but the Singapore government's fiscal prudence allows it to spend more in the near to mid-term to cope with these external challenges. Over the long term, Singapore's future looks bright with Standard Chartered's Trade20 Index showing that the city is one of the stars of global trade and continues to display substantial trade growth potential.