MTI EMBARKS ON NEW IT PROJECT TO ENHANCE TRADE AND IMPROVE T&T COMPETITIVENESS
PORT OF SPAIN, October 2009 (MTI): The Ministry of Trade and Industry is about to embark on a critical project which fulfils its main policy objective of transforming Trinidad and Tobago into the regional hub for business, commerce and trans-shipment in the Greater Caribbean. Implementation of an SEW, or Single Electronic Window is one of the most ambitious projects the Ministry has ever undertaken, and it seeks to among other things, lower the cost of doing business, thereby improving the enabling environment, overall economic efficiency and make our products and services more competitive on the global market.
The Ministry will launch commencement of the project on Tuesday 20th October at 7:30 am at the Regency III and IV Ballrooms of the Hyatt Regency Trinidad.
The SEW is an IT-based trade facilitation tool which allows parties involved in trade and transport to lodge standardized information and documents at a single entry point, in order to fulfil all import, export and transit-related regulatory requirements. This mechanism is designed as a one-stop-shop, where private stakeholders and approving government agencies can collaborate to process necessary permits and approvals online in a seamless and efficient manner.
According to Trade and Industry Minister, Senator the Hon. Mariano Browne, “As most of us know, our global competitiveness rating has been the subject of much discussion since our rankings have improved from 92 in 2008-2009 to 86 in 2009-2010 out of 133 countries. While this is definitely a step in the right direction we cannot afford complacency and this requires us to ramp up strategies and implementation since now we are competing with even more advanced countries. In this regard, the SEW project is taking place at a most opportune time.”
The SEW system incorporates significant co-operation amongst a range of Ministries and agencies responsible for trade facilitation and because of its interactive nature will require major business process re-engineering on the part of some operators.
This project will complement the ASYCUDA system at the Customs and Excise Division and improve the quality and timeliness of trade data by allowing the CSO to generate information two weeks after the end of each month and thereby provide vital, timely information to support more efficient business-to-business transactions and indeed business and investment decisions.
In terms of business facilitation, the benefits of such a system include:-
· greater operational efficiency,
· transparency of government services,
· improved collection of state revenue,
· increase the speed of the trade facilitation process and at the broader level,
· sharpen the competitive edge of our companies and industries.
These in turn will strengthen our global competitiveness.
MTI will be partnering with the Singaporean company CrimsonLogic, to implement the SEW, under the provisions of an MOU signed between Trinidad and Tobago and the Government of Singapore for IT/technology assistance, especially with regard to E-business and E-Government operations. An agency of the Government of Singapore, CrimsonLogic is the creator/operator of the world famous TradeNet in Singapore, a wide ranging SEW which incorporates a variety of Government services apart from trade and business related activities.
TradeNet is an electronic data exchange trade system that allows various public and private sector stakeholders to exchange structured trade messages and information electronically. TradeNet integrates the import, export and trans-shipment documentation processing procedures, resulting in reduction in cost and turnaround time and expedites the clearance of cargo. Used by major Government agencies and the private sector, TradeNet brings together the functions and requirements of more than 30 controlling agencies. It allows traders and freight forwarders to apply for and receive trade permits for importing and exporting purposes conveniently and via the Internet within 10 seconds. TradeNet enables 95 percent of all trade permits to be processed within one minute, thereby enabling Singapore to become one of the most competitive business destinations in the world.
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For further information, contact:
Corporate Communications Specialist
Ministry of Trade & Industry
Level 16, Nicholas Tower ● Independence Square ● Port of Spain.
Tel: (868) 623-2931 x. 2016/17 ● Fax: (868) 627-0002
Email: tcarr@tradeind.gov.tt ● Website: www.tradeind.gov.tt