A new treaty aims to turn the idea of cross-border paperless trade into a reality Feb 20 marks the entry into force of a new international agreement promoting paperless trade, a timely reminder of how the COVID-19 pandemic has brought digital solutions to regional development challenges into the limelight. Paperless trade across borders has proven an effective way to mitigate trade disruptions since the onset of the crisis, enabling commerce to continue while limiting physica
The private sector in ASEAN now has access to a powerful new online system, the ASEAN Customs Transit System (ACTS), which will reduce intra-ASEAN trading challenges and enable companies to benefit fully from the ASEAN Economic Community (AEC) and the free movement of goods across the ASEAN region. In 2017, ASEAN Economic Ministers set the twin goals of reducing trade transaction costs by 10% by 2020 and doubling intra-ASEAN trade between 2017 and 2025. To realise this goal,
U.S. Customs and Border Protection (CBP) and Singapore Customs signed a historic letter of intent today that will enable closer cooperation in the areas of trade facilitation, revenue protection and risk management. Executive Assistant Commissioner for the Office of Trade Brenda Smith signed the letter of intent in Washington, DC on behalf of CBP and Deputy Director-General Lim Teck Leong signed the letter of intent in Singapore on behalf of Singapore Customs. The Letter of I
The Asean Customs Transit System (ACTS) will be implemented in Cambodia, Laos, Malaysia, Singapore, Thailand and Vietnam. ACTS enables goods to be transported by road under a single regime, regardless of which Asean member state they depart, transit and arrive at, although it is subject existing border measures imposed by respective countries during the Covid-19 pandemic. BUSINESSES can look forward to time savings, cost reduction and better connectivity in moving goods by la
The European Commission this week proposed a new initiative that will make it easier for different authorities involved in goods clearance to exchange electronic information submitted by traders, who will be able to submit the information required for import or export of goods only once. The so-called ‘EU Single Window Environment for Customs' aims to enhance cooperation and coordination between different authorities, in order to facilitate the automatic verification of non-c
Promoting regional trade, investments - The World Bank (WB) has expressed interest to help the National Board of Revenue (NBR) modernise its customs procedure for promoting regional trade and investments, officials said on Tuesday. The WB has assured Bangladesh of providing assistance worth US$170 million for upgrading the cross-border and regional trade facilitation works, said an official of the Economic Relations Division (ERD). Meanwhile, the ERD, on behalf of the NBR, re
In an unprecedented first in Maldives, the Asian Development Bank (ADB) has halted the USD 6.7 million (MVR 100 million) National Single Window project of the Ministry of Economic Development, as it was handed over to an ineligible contractor on suspicious grounds. Marking the first time that a major international organisation has stopped a project in Maldives, local media Mihaaru reported that ADB ordered local authorities to investigate the matter and re-open the project fo
ASEAN economic ministers are committed to strengthening regional supply chains and improve trade digitalisation to spur trade and investments, as well as cushion the impact of the ongoing health crisis, according to Indonesian Trade Minister Agus Suparmanto. The commitment came after the 52nd ASEAN Economic Minister (AEM) meeting on Tuesday, in which ministers gathered virtually to discuss the impact of Covid-19 in the region’s economy, among other issues. “Indonesia supports
CAIRO – 25 August 2020: Egypt will establish an electronic system for the first time to track goods until the final release stage, and to deal in customs with goods contracted with a modern e-commerce system, with the possibility of pre-clearance and payment of customs duties before the arrival of the goods, Minister of Finance Mohamed Ma’it commented after the approval of the House of Representatives on the draft customs law on Monday. According to a statement from the Minis
Designing ‘human-centred’ trade facilitation solutions: How does it work? By Craig Atkinson for Enhanced Integrated Framework (EIF) Following digitisation of commercial documents, the digitalisation of trade implies functional use of data to improve the automation potential of cross-border processes. By taking a human-centred approach to policy design in conformity with global semantic standards, trade rules in a ‘data driven’ format can address inequalities in access to info
Dubai Trade, the UAE Region’s single window platform for cross-border trade, has launched ZADI, a unified food import platform aimed at facilitating the import and re-export of food shipments throughout Dubai’s ports, according to DP World. In a statement, DP World described the platform as the “first-of-its-kind” in the Middle East. It will be part of Dubai Trade’s drive to be the leading integrated platform in all import and re-export services. Additionally, it will also al
ISLAMABAD: The government is all set to comply with the World Trade Organisation provisions to implement Pakistan Single Window (PSW) to streamline cross-border movement of goods and regulatory bottlenecks. The government has set a deadline of 2022 to put in place the whole system which will be implemented at a cost of $67 million. This will not only improve the ease of doing business but also enhance controls through integrated risk management. A senior customs officer told
New Comesa plan set to ease movement of goods Kenya is among 15 African States that have agreed to pilot a new project seeking to ease movement of goods within the region’s trading bloc. The electronic certificate of origin (eCO) System, developed under the Common Market for Eastern and Southern Africa (Comesa) digital free trade area will fast-track movement of goods, enhancing intra-regional trade. The new plan will do away with registration, application and submission of c
Digitalisation of trade facilitation is now fundamental and no longer a distant plan -Congratulations to Dubai Customs under the leadership of Ahmed Mahboob Musabih, Director General of Dubai Customs Against All Odds Dubai Customs Transactions Skyrocket in 2020 - The number of customs transactions completed by Dubai Customs skyrocketed 36% in the first five months of 2020 to reach 5.9 million compared to 4.4 million transactions in the corresponding period in 2019. This indic
Over the past few months, Customs authorities in Latin America and the Caribbean have had to work hard and think outside the box in response to the COVID-19 pandemic. Tons of personal protective equipment, including masks, gowns, medical devices, medicines, and disinfectant products, as well as food and other necessities, have passed through these agencies. Those shipments had to be prioritized and dispatched quickly and safely, without neglecting the regular flows of trade.
ABU DHABI, Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council, and Chairman of the Abu Dhabi Executive Office, yesterday (May 9), inaugurated the Single Window of Logistics & Trade in Abu Dhabi during a visit to Khalifa Industrial Zone Abu Dhabi, Kizad, a subsidiary of Abu Dhabi Ports.
Sheikh Khalid was briefed on development plans in presence of Falah Mohammad Al Ahbabi, Chairman of Abu Dhabi Department of Municipalities and Transport,
The government will reduce trade restrictions and red tape to facilitate the import and export process during the COVID-19 outbreak. Starting April 20, the customs department will reduce customs duties for businesses operating with the Myanmar Automated Cargo Clearance System (MACCS).
Paperwork will also be streamlined, with an electronic version of Form D for preferential tariff treatment in Asean to be issued to simplify procedures between all the Asean countries. VIEW ART
Coalition of CSOs in Ghana has called on President Nana Akuffo-Addo to as a matter of urgency intervene and stop the Ghana Link/UNIPASS contract agreement with the Ministry of Trade and Industry. According to the group the UNIPASS deal is a total 'rip off' which would not serve the best interest of the country, adding that "it is a serious affront to the Trade Facilitation arrangement of the World Trade Organisation (WTO)". The members of the Coalition of Civil Society Organi
National resilience tipped to overcome crisis Nations are collaborating with each other on the fight against the coronavirus outbreak to control the damage to people's health and the impact on the global economy. Here, in the first part of a series titled "One World, One Fight", we look at how countries can work together. The Chinese #economy could be poised for a strong recovery in the second quarter as the nation gets back to work, according to experts. Businesses, particul
Standard Chartered Bank has become the first financial institution to join TradeLens , the #blockchain based #supplychain initiative jointly run by A.P. Moller - Maersk and IBM.
“As a critical link in the global supply chain ecosystem, Standard Chartered Bank plays a crucial role in supporting global trade transactions,” said Michael Spiegel, Global Head of Trade, Standard Chartered Bank.
Todd Scott, VP of Global #TradeSolutions, IBM, said the inclusion of Standard Chartere