Singapore firm pushes more cross-border trade with new connectivity 

Eugene Wong, chairman of Singapore-based CrimsonLogic, a provider of e-Government products and services, said that the GeTS is a single connectivity platform that will enable business and government to simplify processes and accelerate cross-border connectivity, saving them as much as 15 per cent of the value of traded goods. It can also help local business grow globally. The savings would bring the much-needed value to businesses as organisations like the Organisation for Economic Cooperation and Development (OECD) estimate that for every 1 per cent reduction in global trade costs, global income could go up by $40 billion (Bt1.440). The Office of the Unites States Trade Representative estimates that significant trade facilitation could increase global gross domestic product (GDP) by almost US$1 trillion (Bt36 trillion). 
“The GeTS platform eliminates repeated data entry, improves the reliability and accuracy of Customs submissions and declaration. It also helps the trade and business communities to plan better as they are now able to track and view the consolidated trade documentation and clearance status,” said the chairman of CrimsonLogic.
Chong Kok Keong, assistant chief executive officer of CrimsonLogic, said that the GeTS platform helps fulfil all trade documentation and regulatory compliance. It will accelerate cross-border trade across the region and around the world, making cross-border trade more accessible, predictable and easier. The platform is able to improve time saving by 60 per cent and increase productivity by 1.5 times for customers with more than 11 million transactions annually. It also can accelerate the movement of goods across different borders. The partnership with Singapore Logistics Association will help create growth opportunities through trade across the region, he said. The community of Asean freight forwarders will be able to access a comprehensive suite of services that will enable them to consolidate import and export, regulatory and compliance fulfilment activities for various countries on a single platform. 
He added that the firm provides the GeTS platform with the business model of Software as a Service (SaaS) and links customers in more than 16 countries with 16 nodes from East to West. The nodes are located in major trading markets such as Singapore, China, Japan, US and Canada. However, the firm expects to implement totally 50 nodes around the globe within the next couple of years.
Koh Poh Koon, Singapore senior minister at the Ministry of Trade and Industry, said that global cross-border trade has grown rapidly over the years. With the progressive reduction in trade tariffs, global trade has more than doubled from $6.5 trillion in 2000 to $16.6 trillion in 2015. This year e-commerce trade is expected to post strong growth, with Southeast Asia poised to be one of the world’s fastest-growing regions for e-commerce trade. Industry experts have estimated that Southeast Asia’s e-commerce market will surpass $25 billion in revenue by 2020, more than double the total revenue in 2015. However, GeTS can help traders meet regulatory and compliance requirement of foreign government agencies. GeTS is centred on a single electronic window that connects various foreign businesses and government agencies.