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TradeTrust: accelerating the digitalization of international trade

Infocomm Media Development Authority of Singapore and Singapore Customs
March 11, 2021
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TradeTrust: accelerating the digitalization of international trade

Photo from WCO News Journal

Singapore is spearheading the implementation of TradeTrust, which is a framework comprised of a set of globally accepted standards to facilitate the digitalization of documents used in international trade and logistics and their interoperability, and also a set of software components that connect to a blockchain backbone IT infrastructure. Economic operators and public and private institutions using TradeTrust will create a global network of trusted partners for the exchange and verification of digital trade documentation across borders. The ultimate objective is to enable a more seamless flow of goods between trading nations and reduce the inefficiencies and complexities generated by the use of paper-based documentation, making cross-border trade simpler and safer.

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