Online Exchange to ease trade with Singapore

A new online trade initiative aimed at making it easier to move goods and services in and out of Singapore will be launched by October, officials said.

Called “TradeXchange,” it will link various computer systems used by importers and exporters with the goal of creating a seamless platform among regulators, shippers and traders.

TradeXchange will provide an “infrastructure that would provide a single common access to all these systems,” said Lim Hwee Hua, minister of state for finance and transport.

It is estimated that the new system would save about 75 mln Singapore dollars (US$ 45 mln) over 10 years.

Importers will not have to pay the goods and services tax upfront on items they bring into the country.

Under the scheme, they pay only when the items are release into the local market.