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What is TradeFIRST?
TradeFIRST stands for Trade Facilitation & Integrated Risk-based SysTem. It is a one-stop assessment framework that makes trade easy, fair and secure.
TradeFIRST supports Singapore Customs (SC)'s trade facilitation and compliance efforts by enabling SC to assess a company holistically, based on a single set of assessment criteria applied across all schemes. Thereafter, companies will be rated into one of the five bands under TradeFIRST, which determines all the schemes and facilitation that they could enjoy, provided certain essential criteria for specific facilitation are met.
With this framework, SC will be able to proactively partner traders in improving their systems and processes by designating an Account Manager (AM) to each company assessed under TradeFIRST. This integrated risk management approach and partnership with trade will raise the compliance and supply chain security standards of companies, resulting in reduced regulatory cost and greater facilitation for traders.
There is, however, no specific application process for TradeFIRST as TradeFIRST is not a scheme per se. Rather, you will only need to apply for any of the schemes or facilitation from the Standard to Premium bands and your company will automatically be assessed under TradeFIRST at no charge.
How will this affect me?
With TradeFIRST, you will:
- Undergo a holistic assessment when you apply for any of the schemes or facilitation from the Standard to Premium bands, instead of having to apply individually to the different branches under the previous arrangement.
- Be rated into one of five bands,based on your assessment, Companies in the higher bands will be accorded more facilitations.
- Be assigned an Account Manager (AM) who will get to understand your business operations and take you through the assessment.
- Be pro-actively offered schemes and facilitations that fit your business, customising the package of facilitations to the unique needs of your business.
- Be given a common set of clear and transparent assessment criteria and guidelines. This will better prepare you, and make your application process not only simpler, but more transparent.
Key Thrusts
The principles of the framework are explained below:
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Aim |
To facilitate business operations
A holistic and consistent approach |
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Key
Thrusts |
1) Holistic assessment
2) Risk Management
3) Proactively meet the needs of the trading community |
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Tool |
A common set of criteria and methodology |
For more information on TradeFIRST, click here (2MB, PDF) for TradeFIRST information kit.
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