Singapore has taken a position as a regional leader in trade digitalisation, with numerous programmes and initiatives directed at achieving effective implementation. In line with this, the Infocomm Media Development Authority (“IMDA“) has announced that it has successfully executed a live shipment from Singapore to Thailand during the first quarter of 2023. This fully paperless, live cross-border trade was conducted using an Electronic Transferable Record (“ETR“), that is functionally equivalent to a paper Bill of Lading using Singapore’s TradeTrust framework.
This is the world’s first ETR cross-border trade, and demonstrates Singapore’s championing of the pushing of boundaries of digitalisation for global trade. Parties involved in international trade should be aware of Singapore’s growing capabilities in this regard, and the development of trade options that they may be able to take advantage of in the near future. This Update provides an overview of the landmark ETR cross-border trade conducted by IMDA.
For more information, click here to read the full Legal Update.
