15 May New Zealand and Singapore Step into Streamlined Trading
New Zealand Customs Service and Singapore Customs, in conjunction with Singapore’s Infocomm Media Development Authority (IMDA) have signed an arrangement that will deliver a simpler and more streamlined trade process for exporters.
Leveraging emerging technology such as blockchain to digitalise border processes will see the simultaneous increase in the speed of trade whilst decreasing the costs and risks of fraud. It also enables the potential exploration of harmonised connectivity and customs procedures between trading partners.
Ultimately this arrangement aims to deliver a world-leading example of digitalising cross-border trade transactions and a seamless trade partnership, which further strengthens the relationship between New Zealand and Singapore for technological collaboration, including technology standards development and pursuing pilot projects to validate the benefits of using TradeTrust (a tool developed by IMDA that uses blockchain to digitalise border processes) for trade documents.
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