Introduction
In the mid-1980s, the Singapore government made a strategic decision to streamline the processes within the regulatory framework of trade permit approvals. The goal was to bolster Singapore's established trade hub status and enhance external trade. Special committees, comprising high-powered government officials and business leaders, were established to garner ample support for utilizing information technology (IT) in the re-engineering and improvement of the trade regulatory framework and associated processes. Notably, Brigadier General Lee Hsien Loong (now the Prime Minister of Singapore), chaired the review committees responsible for approving the plans and overseeing their implementation.
Commencing with the involvement of a few government agencies in 1989, the Singapore TradeNet® System has evolved to provide the trading community with an electronic means of submitting trade documents to all relevant government authorities (including Singapore Customs and controlling agencies). This submission occurs through a unified electronic window. Within minutes of submitting the permit application, traders receive an electronic response, either approving or rejecting the application. The response includes detailed information on approval conditions or the reasons for rejection.
TradeNet® was established with the following key objectives:
i. Reduce the cost of trade documentation.
ii. Decrease turnaround time for trade documentation.
iii. Enhance processing efficiencies for authorities through a streamlined process flow.
iv. Foster operational efficiency and transparency to attract foreign direct investment.
TradeNet®, the world's first nationwide electronic trade documentation system, has been recognized as a significant contribution to Singapore's pro-business environment. It enhances efficiency and reduces business costs for the Singapore trading community through the innovative use of advanced technology.
