GeTS launches trade platform to power global trade connectivity
By Digital News Asia May 11, 2017
- Enables businesses and governments to simplify processes and accelerate cross border connectivity
- Results in savings of as much as 15% of the value of traded goods
GLOBAL eTrade Services (GeTS) has launched the world’s first trade platform to accelerate cross border trade across the globe.
The Single Window service offering by GeTS, a subsidiary of CrimsonLogic (a provider of eGovernment products and services, based in Singapore), aims to power trade connectivity and the efficient fulfilment of trade compliance requirements.
“CrimsonLogic built TradeNet, the world’s first Single Window system for Singapore in 1989. Since then, we have continued to innovate and develop other similar trade systems. With close to 30 years of experience working with governments in more than 23 countries, CrimsonLogic has been pivotal in enabling trade competitiveness.
“With GeTS, we will now be able to bring world-class quality, innovation and efficiency that can help local businesses grow globally,” said CrimsonLogic and GeTS chairman Eugene Wong.
GeTS will enable businesses and governments to simplify processes and accelerate cross border connectivity, saving them as much as 15% of the value of traded goods. The savings would bring the much-needed value to businesses as organisations like Organisation for Economic Co-operation and Development (OECD) estimates that for every 1% reduction in global trade costs, global income could go up by US$40 billion. Other studies estimate that significant trade facilitation could increase global gross domestic product (GDP) by almost US$1 trillion.
“Capitalising on our deep domain knowledge and expertise, the GeTS offering will accelerate cross-border trade across the region. We are looking to change the way trade compliance is done around the world; making cross-border trade more accessible, predictable and easier.
“Using natural language programming and machine learning for our services, we have already improved time savings by 60% and increased productivity by 1.5 times for our customers, with more than 11 million transactions annually,” said Chong Kok Keong, CEO at GeTS, assistant CEO at CrimsonLogic.
As global trade continues to grow across Asean and other regions, trade communities and businesses are acknowledging that there is a need for a platform that can accelerate the movement of goods across different borders.
The partnership with Singapore Logistics Association (SLA) builds on this promise of better growth opportunities through trade across the region.
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.
“We are looking forward to collaborating with GeTS in this endeavour. Logistics has evolved from just one mode of transport to integrated transport services, including supply chain management services. This trade facilitation platform will strengthen logistics and freight forwarding businesses' value proposition to our customers, as it enables us to assist our customers with a broader range of trade compliance matters. It also enhances our ability to offer services across the region and around the world more seamlessly, and benefit from productivity gains at the same time,” said Stanley Lim, chairman of the Singapore Logistics Association (SLA).
GeTS’ suite of services helps global, as well as Asean freight forwarders to meet regulatory and compliance requirements from Government agencies and trade associations through:
- GeTS Cross Border Compliance Services: powers data management and transformation for trade declarations, cargo manifests submissions, import/export permits applications, and electronic Certificate of Origin (eCO) applications to government agencies and trade associations globally. It also serves as a system of records for trade related data and documents required for statutory compliance.
- GeTS eAdvisory Services: consolidates import and export regulatory/compliance related knowledge bases for various countries onto a single platform. For example, Harmonised System (HS) Codes auto classification makes it easier for traders to identify the correct HS code for traded goods. It also assists traders to capitalise on various Free Trade Agreements (FTAs) for import duty savings and other benefits.
- Other Value Added Services: GeTS is able to integrate its service offerings with customers’ existing enterprise resource planning (ERP), fleet management solution (FMS), and transportation management solution (TMS) systems. It also provides customers real time visibility of the status of their regional or global trade related compliance activities. This enables customers to respond more promptly to statutory requests, plan forward, and manage related logistics activities.
Yigit Saricinar, general manager Airfreight, PT Schenker Petrolog Utama said: “Using GeTS' Cross Border Services enables us to speed up the Customs declaration process by expediting the electronic transmission of shipment data required for customs declaration into Indonesia Customs, saving time and manpower, allowing us to better serve our customers.”